Blue Ridge Crossing Kansas City, Missouri
In 1998 IAS Partners acquired the 1,000,000 square feet Blue Ridge Mall, the first and for over three decades most successful regional mall in Eastern Kansas City, Missouri. The mall was anchored by J.C. Penny, Montgomery Ward and The Jones Store. IAS’ intended to reposition the mall due to the removal of restricted convents of the expiring anchor tenants. Within three years all three anchor tenants had vacated their stores. IAS saw the opportunity to not just redevelop the existing mall improvements, but the entire mall site (approximately 60 acres) a Mall demo and scrape.
IAS requested and received from Kansas City, Missouri the right to finance the mall site redevelopment with Tax Increment Financing. The project redevelopment kicked off in November 2005 with the construction of a 200,000 square feet Wal-Mart Super Center. IAS intends to build an additional 400,000 square feet of retail space. The estimated cost of the project development is over $92,000,000. The first phase financing consisted of $36,500,000 in TIF Revenue bonds and a conventional $18,500,000 three-year construction loan.