The Missouri Development Finance Board (MDFB) has approved $30-million in tax credits for the proposed Kansas City Wizards soccer stadium and retail/office project on the site of the old Bannister Mall in southeastern KC-MO..
Owen Buckley told The KANSAS CITY STAR that demolition of the decrepit Bannister Mall and surrounding failed retail development structures "could begin 2 to 4 months from now at the earliest" and that actual construction of the new complex "could start as early as next spring"- although K.C. Wizards spokespeople said it could be "2011" before the Wizards play a game in their new digs.
However Lane4 Development- the company financing and building this project- is asking the city for even more help in financing this project.
Buckley told The STAR: "We are very bullish this project will eventually (?) happen, but last winter the economy started taking a nosedive. The economy has caused us to take a step back. It's causing us (Lane4) hesitation because we can't sell bonds" for the stadium/retail project.
Jeffery Yates- KC-MO's finance director- "declined to offer specifics" on the additional "help" that Lane4 is seeking on this project- according to the STAR article.
What I don't understand is the planned retail for this project. In order to build this thing- they'll be tearing down structures that- as of 5-10 years ago- contained hundreds of retail businesses now long gone.
Will Lane4's retail development in this project be viable- especially in an increasingly-worsening retail climate?
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