Posted on Oct 8, 2023
Country Club Plaza is under contract to Dallas retail company; deal could close by 2024
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The prospective new owners already own a similar luxury shopping district in Dallas and another in North Carolina. After the current owners of the Plaza defaulted on a nearly $300 million loan and demolished about three acres of the district to make way for a Nordstrom that never came, city officials are eager to work with new owners.
A Dallas-based retail company is under contract to purchase the Country Club Plaza, according to CitySceneKC. The company, HP Village Partners, owns Highland Park Village, a luxury shopping district in Dallas that is similar in age and style to the Plaza.
The Plaza has been declining in recent years under the ownership of The Macerich Company and Taubman Centers, based in California and Michigan, respectively.
A longtime plan for Nordstrom to move to the Plaza resulted in the demolition of part of a movie theater, bank, restaurant and parking garage, only for Nordstrom to back out of the deal last year. Last month, the owners defaulted on the Plaza’s nearly $300 million loan.
A Dallas-based retail company is under contract to purchase the Country Club Plaza, according to CitySceneKC. The company, HP Village Partners, owns Highland Park Village, a luxury shopping district in Dallas that is similar in age and style to the Plaza.
The Plaza has been declining in recent years under the ownership of The Macerich Company and Taubman Centers, based in California and Michigan, respectively.
A longtime plan for Nordstrom to move to the Plaza resulted in the demolition of part of a movie theater, bank, restaurant and parking garage, only for Nordstrom to back out of the deal last year. Last month, the owners defaulted on the Plaza’s nearly $300 million loan.
Country Club Plaza is under contract to Dallas retail company; deal could close by 2024
Posted from kcur.org
Kansas City
Retail
Posted 8 mo ago
Responses: 2
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PO1 William "Chip" Nagel
..."The Plaza opened 100 years ago – developed by J.C. Nichols, known for his racist housing covenants that redlined Kansas City. As the city looks on to what the future of the Plaza looks like, Lucas said he thinks new ownership will be part of a solution. He pointed to strained communications between the city and the current owners, and said whoever buys the district needs to focus on incorporating more pedestrians and local establishments and restaurants into the Plaza’s growth.
“I think there will be a true urgency to address things like the giant dirt pit in the Plaza where the Nordstrom store was to go,” Lucas said. “And I would hope that we recognize we want the Plaza to be dynamic every day of the week, all year. We can't just live off of one or two big events. We need something that's special and unique.”
Still, Lucas said he will not greenlight any and all incentives the new owners of the Plaza may ask for without a clear benefit to the city. He noted that taxpayers already pay for things like parking garages in the shopping district.
Bough hopes the purchase is an opportunity for the new owners and city to work together to address its current issues.
“If someone is going to make an investment into any property, they're going to do their due diligence, they're going to want to make improvements,” Bough said. “They're going to want to ensure that their investment has a return. I think it gives us an opportunity to not only have discussions on how we can improve, but perhaps gain information from a new perspective or new owners or someone that has tried things in different markets while maintaining the seal of the Country Club Plaza and elements of true Kansas City.”...
..."The Plaza opened 100 years ago – developed by J.C. Nichols, known for his racist housing covenants that redlined Kansas City. As the city looks on to what the future of the Plaza looks like, Lucas said he thinks new ownership will be part of a solution. He pointed to strained communications between the city and the current owners, and said whoever buys the district needs to focus on incorporating more pedestrians and local establishments and restaurants into the Plaza’s growth.
“I think there will be a true urgency to address things like the giant dirt pit in the Plaza where the Nordstrom store was to go,” Lucas said. “And I would hope that we recognize we want the Plaza to be dynamic every day of the week, all year. We can't just live off of one or two big events. We need something that's special and unique.”
Still, Lucas said he will not greenlight any and all incentives the new owners of the Plaza may ask for without a clear benefit to the city. He noted that taxpayers already pay for things like parking garages in the shopping district.
Bough hopes the purchase is an opportunity for the new owners and city to work together to address its current issues.
“If someone is going to make an investment into any property, they're going to do their due diligence, they're going to want to make improvements,” Bough said. “They're going to want to ensure that their investment has a return. I think it gives us an opportunity to not only have discussions on how we can improve, but perhaps gain information from a new perspective or new owners or someone that has tried things in different markets while maintaining the seal of the Country Club Plaza and elements of true Kansas City.”...
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PO1 William "Chip" Nagel good day Brother William, always informational and of the most interesting. Thanks for sharing, have a blessed day!
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