High construction costs, interest rates and difficulty finding financing with the right mix of tenants has caused a delay in the construction for the Oxford Promenade development in Leawood.
The apartment and retail project proposed for the southwest corner of 135th Street and Mission Road will get a one-year extension on time to finalize its plans.
The plan Kansas City-based Legacy Development put forward two years ago was for 294 apartments plus around 91,000 square feet of retail space.
On Monday, a representative of the developer asked for a one-year extension to the preliminary development plan.
The plan got a rezoning and preliminary approvals from the city council in 2023 and had a two-year window to make progress toward construction or risk losing that approval.
Attorney Greg Musil, representing Legacy, said the economic climate has worked against the developer during that time.
“This has not been a good two years when it comes to the costs of construction or the costs of financing,” he told the city council. “I wish I could say the next 12 months look like there will be more stability and more certainty. I can’t do that.”
Councilmember Lisa Harrison encouraged the developer to rework the plan because, “Our residents for the last couple of years have had a very vocal lack of interest in large multi-family residences.”
But she added that they would be more likely to welcome single-family residences along 135th Street.
She said the delay would be “an opportunity to reimagine this into something that will sell fast.”
Musil said the developer has considered a plan with fewer apartment units, but that single-family homes could be a difficult sell because they would be next to offices in the mixed-use zoning.
Councilmembers unanimously approved the deadline extension.
