Corbin Park Retail Project Ready for New Owner; FishNet Security Moves Headquarters Across the Border
- Jul 17, 2011
The Corbin Park retail project which is located at 135th Street and Metacalf Avenue was originally developed by Corbin Park LP. Construction work for the 1.1 million-square-foot site started in 2007. Delays started to appear in 2009 and ultimately in January 2010 the company filed for bankruptcy. Corbin Park’s main tenants include department stores Von Maur and J.C. Penney, Lifetime Fitness and Backwoods outdoor store.
The Kansas City Star informs that a consortium, headed by Bank of America, undertook to lend up to $107.4 million to build the project and $25 million had been spent before the site was closed. Bank of America has been searching for a buyer since last year and now they have accepted a $14 million bid from Aspen Square Inc., an Overland Park developer. In case of other valid offers an auction is scheduled for 30th of August.
Apart from needing approval from the bankruptcy court, the deal also needs to obtain the green light from the city of Overland Park in order to benefit from the financial stimuli available via a transportation development district.
The same source informs us that FishNet Security is moving its headquarters from downtown Kansas City to the Sprint Campus. A ten-year lease has been signed for the 63,000 square-foot location at 6130 Sprint Parkway in Overland Park. President and CEO Gary Fish said that after evaluating several locations in Kansas and Missouri, and after talking to economic development people in both states, the campus felt like the natural choice. He declined to reveal the incentives received to cross the border, but as part of the agreement the Kansas City Star reveals that Fishnet will invest $15.2 million in the new headquarters. A 20,000-square-foot customer service technology center is included in the investment.