The aging Stanley Square shopping center in southern Overland Park could soon get a new look thanks to $7 million in planned upgrades.
Last week, the Overland Park City Council Finance, Administration and Economic Development Committee voted 6-0 to recommend moving forward on the incentive district petition to help finance the redevelopment project at Stanley Square.
The shopping center — located on the northwest corner of 151st Street and U.S. Highway 69 — was built in the late-1980s and is owned by the Regnier Family Partnership.
To help finance some of the renovation and upgrade work planned, Len Corsi, who leases the shopping center through the firm Johnson County Management, has requested the formation of a 1% Community Improvement District, or CID.
Previously, the Overland Park Planning Commission and the Overland Park City Council both supported a revised preliminary development plan needed for the improvements.
What is a CID?
- Revenue to reimburse some development costs is raised through an extra sales tax applied on all purchases in a defined area for a set amount of time.
- A maximum reimbursement amount is usually set in an agreement. In this case, the cap is proposed to be set at just over $2 million.
- Only specific costs are reimbursable in each type of district, as laid out in a development agreement.
- Currently, the city is considering some updates to its policies governing CIDs and other economic development tools in light of the new comprehensive plan’s designation of strategic investment areas.
- The portion of the city around the 151st and 69 Highway ramps is not considered a strategic investment area; however, the new comprehensive plan does prioritize reinvestment across Overland Park, according to city documents.
What is planned for Stanley Square?
- The shopping center is currently home to a Rally House, Golden Belt Beef, Dollar Tree and Pak Halal International Foods.
- The site plan approved last year envisions a complete refacing of the existing strip of shops and other renovations.
- Additionally, two new pad sites and parking improvements are detailed in the plan.
Councilmembers supported incentives for Stanley Square
Councilmember Gregg Riess said he felt supporting this project and the use of incentives to back it made sense.
“We’re taking care of something that’s been well established and bringing it up to date,” he said.
Councilmember Drew Mitrisin also noted that there’s “no risk” to the city in supporting this CID because the developer only gets money to reimburse the redevelopment costs if the project works and generates sales.
“People will shop here or they won’t, and if they do, this will be a great product and good tool for us,” he said. “It’s a good model, and even though it’s not in our strategic investment areas, I think it’s a great project.”
Additionally, Councilmember Jeff Cox, who is frequently opposed to the use of development incentives, supported this project.
He was keen to see someone spending some money to keep something from being blighted instead of letting it go to the point that it would be more cost-effective to start over entirely.
“This is, in some ways, kind of charming,” Cox said. “Let’s keep it alive, keep the character of it, but freshen it so that you can keep the tenants.”
Next steps:
- The city council will take up the petition for the CID at Stanley Square next.
- Later, a development agreement will come back to the finance committee, and the city will have to hold a public hearing related to the CID.
- Then, the city council will mull an ordinance that would create the incentive district.
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