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Kansas City Business Journal
$408M Lee's Summit project capitalizes on incentive mulligan
Local developers' third time pitching the Lee's Summit City Council on a $407.9 million master development appears to be the charm, as officials signaled support for project planning to proceed after several changes to the proposed incentive framework.<\p> Council members encouraged what's now called Lee's Summit Crossing to move forward after representatives' presentation last month on "conceptual" incentives for a mix of private and public construction on agricultural land generally located northeast of Missouri Route 291 and Missouri Route 150. In contrast, pitches in December 2022 and 2023 left officials seeking changes to desired incentive elements or else greater plan details. The development team is led by sporting industry leader Robb Heineman of 635 Holdings LLC and Bob Becker, CEO of Luke Draily Construction.<\p>
Merger makes KC firm a statewide force in construction law
Kansas City-based Miller Law Firm merged with St. Louis-based McCarthy Leonard & Kaemmerer LC, creating a construction law practice that spans Missouri. <\p> The Miller Law Firm was formed in January when Miller Schirger LLC disbanded after 16 years. Now, the combination with form McCarthy Leonard Kaemerer & Miller. <\p>
Olathe manufacturer plans bigger facility, more jobs near K-7
A global conveyor belt manufacturer wants to expand in Olathe and add close to 60 jobs. <\p> Safari Belting Systems Inc. submitted an application to Olathe requesting the issuance of up to $19.3 million in industrial revenue bonds to support the development of a 75,000-square-foot manufacturing facility on about 12 acres at 607 W. Old 56 Highway. <\p>
Academy Bank will acquire $188M-asset Colorado bank
Kansas City-based Academy Bank, part of Dickinson Financial Corp., reached an agreement to acquire Westminster, Colorado-based Mountain View Bank of Commerce. <\p> Academy Bank is a traditional commercial bank, while affiliated bank Armed Forces Bank focuses on serving the military and their families. Academy Bank has about $2.7 billion in assets, $2.1 billion in deposits and 72 branch offices in Arizona, Arkansas, Colorado, Kansas and Missouri. <\p>
The National Observer: Sign of reversal seen amid loan delinquencies
Welcome to The National Observer, a roundup of top business news and actionable insights from across The Business Journals network of publications. Today we've got stories on a decline in asking prices in the housing market, a shift in consumer-spending habits and changes coming to Cracker Barrel restaurants. But first, we go inside the numbers on still-rising delinquencies among loans backed by commercial real estate.<\p> Get more stories like these every day in your inbox by subscribing to The National Observer newsletter.<\p>
As prices go up, KC homebuilders consider how to cut costs
As the price to buy a home keeps rising, Kansas City-area homebuilders are considering how to cut costs. <\p> Interest rates have shot up the past couple of years. Together with low inventory in Kansas City and steady demand from potential buyers, that means the average sale price for a home in the region rose to $349,636 in 2023, compared with $246,979 in 2019. <\p>
Short-term rental investor? KC ranks high on places to be
Kansas City is one of the best cities nationwide to invest in short-term rentals. <\p> That’s according to a new study from St. Louis-based Clever Real Estate and Rabbu.com, a Charlotte-based short-term rental investment platform. <\p>
EEOC suit seeks info from big local Burger King franchisee
Lenexa-based Genesh Inc. faces a federal lawsuit claiming that it failed to file required reports with the Equal Employment Opportunity Commission. <\p> The EEOC filed suit May 30 in Kansas federal court alleging that Genesh employs more than 100 people, requiring it to annually file Employer Information Report EEO-1. The EEOC claims it didn’t receive the report in prior reporting years, despite written notices and demands from the commission.<\p>
American Royal hopes to lasso new STAR bond plan from UG
The American Royal Association is revising plans to tap sales tax revenue (STAR) bonds to develop its new $490 million campus in Wyandotte County.<\p> The unique tax incentive helps support the development of entertainment or tourism attractions throughout Kansas. Once a project is complete, local and state sales tax revenue from the development are used to retire the bonds.<\p>
AMC strikes partnership with unexpected retailer
AMC Theatres, the world’s largest theater operator, has a new partnership with outdoor retailer REI that will bring outdoor and adventure-themed short films to theaters across the country. <\p> AMC Entertainment Holdings Inc. (NYSE: AMC), based in Leawood, will showcase a selection of curated short films that debuted at the Mountainfilm Festival in May, one of the longest-running documentary film festivals, hosted in Colorado. AMC will show the films in partnership with REI Co-op Studios, the retailer’s content division. <\p>
Landlords’ financials draw increased scrutiny from tenants
As billions are set to mature within commercial real estate-backed loans, tenants are putting extra scrutiny on prospective landlords' financial wherewithal before signing leases.<\p> And while a preference for the newest or most-updated office towers that offer a bevy of amenities remains prevalent among tenants, so too is the appeal of leasing space from a landlord with limited or even no debt on the building.<\p>
KC's only Fortune 500 company drops on list
The Kansas City area’s lone entry on the Fortune 500 took a tumble in the new rankings, but held on.<\p> Seaboard Corp. ranked No. 414 on the new Fortune 500 released Tuesday. It has been the only area-based company on the list — which ranks U.S.-based companies that report financial with the Securities and Exchange Commission — for the past three years. Another four area companies were included in the Fortune 1000.<\p>
KC designer earns 'James Beard Award for architects'
A local design professional was given the American Institute of Architects’ highest honor. <\p> David Herron, founder and principal of Herron + Partners, was selected as one of 98 architects nationwide to be inducted to the AIA College of Fellows Class of 2024. <\p>
Bankrupt CEO's server copy is missing key financial data
A copy of server data from Grain Valley businessman Brad Carlson's Empirical Prime holding company came up short at a recent Bankruptcy Court hearing exploring claims of fraud.<\p> The answers court officials and creditors sought weren’t there. Although Carlson claimed to have a complete copy of the data, substantial information was missing. Carlson testified that data related to Empirical Prime was corrupted and couldn’t be copied.<\p>
Where typical home values have pushed higher than $1M
Nestled amid the palm trees of Jupiter Island, Florida, is a three-bedroom, five-bathroom house with a pool on a half-acre lot.<\p> The 2,798-square-foot house, only steps to the beach and offering ocean views, is currently listed on the market for $5.1 million. As of the time of publication, it's the cheapest house for sale on Jupiter Island, which boasts the highest median home value in America, according to Zillow Group Inc. (Nasdaq: ZG).<\p>
OP health company makes second deal in a year
Overland Park's Patheous Health Inc. acquired DiagnosTEX, a leading dysphagia imaging provider based in Dallas and Forth Worth, Texas. <\p> Patheous Health, founded in 2019, provides mobile services to seniors with dysphagia conditions, a medical term that refers to swallowing impairments. The acquisition adds adult and pediatric imaging services to Patheous Health. <\p>
New Aladdin owner hopes for residential magic
Kansas City's Aladdin Hotel has sold to developers who promise a whole new use for the shuttered historic building through a future conversion project.<\p> The former 193-room hotel at 1215 Wyandotte St. was purchased last week by Aladdin Propco LLC, a partnership between Molzer Development, of Kansas City, and Free Heel Capital, of Pewaukee, Wisconsin. A sale price in the May 28 acquisition from Wright Investments Inc., of Memphis, was not available. <\p>
KC's largest accounting firm weds Paris firm, takes new name
The Kansas City area's biggest accounting firm has completed its acquisition of Paris-based firm Mazars Group's U.S. unit.<\p> Forvis — formed from the June 2022 merger of Springfield, Missouri-based BKD LLP and Charlotte-based DHG LLP — has rebranded to Forvis Mazars LLP. The two companies, which revealed plans for the acquisition in November, announced Monday that the deal closed.<\p>
Most top-performing companies take this position on pay transparency
Most top-performing companies are proving to be open and transparent about pay at a time when workers increasingly expect it.<\p> That finding comes from compensation data and software provider Payscale Inc., which recently analyzed companies that beat their own revenue goals to find what they had in common. <\p>
Chainsaw maker cuts down KC manufacturing plant, will lay off 80
Oregon Tool Inc., a Portland, Oregon-based manufacturer of professional grade cutting tools and equipment, is pulling the plug on its Kansas City operation, leaving 80 people without jobs. The affected plant is located at 4840 E. 12th St.<\p> According to a Worker Adjustment and Retraining Notification (WARN) Act filing, the layoff will take place Aug. 2.<\p>
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