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Kansas City Business Journal
Developer has land in hand for Mattel theme park in WyCo
An Arizona-based developer says it has secured enough land to create a $490 million entertainment hub in Bonner Springs.<\p> Epic Resort Destinations is the developer for Destination KCK, a massive entertainment campus planned west of the Kansas Speedway that is to include a Mattel theme park along with hotels, restaurants and other attractions. In response to an inquiry from the Kansas City Business Journal, Epic Resort Destinations CEO Glen Bilbo said the company is under contract to purchase the land needed for the project.<\p>
KC has new plan to fund South Loop Link construction
Kansas City has turned to its plan B to get U.S. Department of Transportation funds for the South Loop Link, after two unsuccessful attempts to land department grants that would help pay for the $217.2 million park atop Interstate 670.<\p> The city looks to apply for an up to $65 million line of credit for South Loop Link design and construction costs through the federal Transportation Infrastructure Finance and Innovation Act (TIFIA) program. The program is overseen by the transportation department's Build America Bureau, with which Kansas City in October executed an Emerging Projects Agreement that officials said could benefit more than $15 billion in local projects improving mobility and connectivity. <\p>
KC Fed adds well-known Kansas business researcher
The Federal Reserve Bank of Kansas City hired a well-known Kansas business expert to lead economic research over Kansas and Missouri.<\p> The Kansas City Fed hired Jeremy Hill as assistant vice president and regional executive, making him the regional economist for Kansas and Missouri.<\p>
Agency uses KC Current job to prepare for the World Cup
When Kansas City hosts World Cup matches in two years, local businesses with multicultural clients stand to make big gains — if they have the right game plan.<\p> Marketing agency Tico Productions LLC, a local and Hispanic-owned company, has been fielding more calls from customers across industries asking for help with recruiting bilingual talent as businesses devise their marketing plans. <\p>
Iowa tool-maker wants to add facility, 40 jobs in KCK
An Iowa-based tool manufacturer plans to build a distribution center and create dozens of jobs in Kansas City, Kansas.<\p> Marshalltown Co. has requested the Unified Government of Wyandotte County/Kansas City, Kansas, issue up to $27 million in industrial revenue bonds to build an industrial facility in the 435 Logistics Center at 9822 Leavenworth Road. The UG will host a public hearing on Aug. 29. to consider issuing the bonds. <\p>
Major KC employer leases new offices in Crown Center
A prominent Kansas City employer will move its local office again, this time south of its previous digs to an iconic Crown Center building.<\p> State Street Bank & Trust Co. recently leased 30,250 square feet on the fifth floor of 2323 Grand, ranking among the area's largest office deals in the second quarter, according to the latest market report from Newmark Zimmer. The 11-story, 320,980-square-foot building is owned by Stanton Road Capital, of California, and represented locally by Range Realty Partners.<\p>
These KC-area employers added the most local jobs last year
About half of the area's 100 largest employers have more local workers on their payrolls this year compared to last.<\p> According to the Kansas City Business Journal's Private-Sector Employers List, 52 of the top 100 organizations added employees from June 2023 to June 2024, including 25 that added more than 10% to their local workforce.<\p>
Huge KC retailer adds to its blueprint with four-store acquisition
Westlake Ace Hardware, one of the Kansas City area's biggest private companies, will aim to keep Austin weird when it acquires Breed & Co.<\p> After 54 years of family ownership, the hardware and homeware retailer will sell its four stores to the largest Ace Hardware dealer in the U.S. The acquisition is set to be completed on Sept. 30. Financial details of the transaction were not disclosed.<\p>
ERC moratorium could spark windfall for some businesses
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 the challenges of Series B fundraising right now, how regulations are shaking up remote work at banks and declining foreign investor purchases of U.S. homes. First, however, let's zoom in on the potential costs for the IRS' pause on Employee Tax Credit refunds.<\p> Get more stories like these every day in your inbox by subscribing to The National Observer newsletter. <\p>
Final Kansas City Southern CEO dies at 67
Patrick Ottensmeyer, who served as the final CEO of Kansas City Southern, has died. He was 67.<\p> Ottensmeyer held a crucial role during the merger of Calgary, Alberta-based Canadian Pacific and KCS, which he called one of the most complex transactions in a long, long time.<\p>
CrowdStrike outage may cost billions. Here's what businesses should do
The fallout over the global outage from a Crowdstrike update on Windows devices could measure in the billions — a stark reminder that business owners may want to revisit their insurance policies. <\p> A report by cloud monitoring firm Parametrix Insurance estimated the direct financial loss among Fortune 500 companies —excluding Microsoft Corp. — from the CrowdStrike outage that disabled computers around the world on July 19 was $5.4 billion. <\p>
Mortgage rates are set to fall. Buyers should adjust their hopes.
Homebuyers frustrated by high mortgage rates may soon get some relief if the Federal Reserve begins to lower interest rates but they should temper their expectations, experts say.<\p> Although the Fed has signaled it could start lowering rates as soon as its July 31 meeting, industry experts believe rates will never go back to the historic lows seen during the Covid-19 pandemic, when some buyers snagged rates below 3%.<\p>
KC bank strikes partnership to capitalize on cannabis industry
The U.S. cannabis industry relies on cash, creating safety and security problems that Kansas City-based Bison State Bank hopes to solve though a new partnership. <\p> With only $71.8 million in assets, Bison State Bank is one of the smallest local banks. But it sees a growth opportunity by providing cash management to the U.S. cannabis industry, a business with $42.98 billion in annual revenue, according to data from Statista. <\p>
Agency finds Oracle Health has met office incentive obligations
A Kansas City agency found that Oracle Health has met incentive obligations it assumed at the former Cerner Innovations Campus, despite extensive gulfs between current investment and job levels, and those promised at the project's onset.<\p> The city's administrative Tax Increment Financing Commission said in a July 10 report that it "did not identify any existing material instances of default" at Oracle Health's campus in south Kansas City. The City Council in mid-May sought a report within 60 days reviewing whether the health care IT company had complied with the campus' Bannister & I-435 TIF Plan and recommending enforcement options, like litigation or termination of incentives, if it had not.<\p>
KC-area Walmart adds primary care option
Seniors will have another primary care option in the Kansas City area. <\p> CenterWell, a part of the health care services company Humana Inc. (NYSE: HUM), is opening primary care centers tailored to seniors across the U.S., including one in Gladstone. <\p>
Black Chamber of KC names new leader
The Black Chamber of Commerce of Greater Kansas City selected a new executive director with a strong record of building up organizations and leadership.<\p> Cecilia Belser-Patton will assume leadership of the chamber on Thursday, according to a release. She succeeds A. Marie Young in the role. In the job, Belser-Patton will direct all day-to-day operations of the chamber and lead fundraising and community engagement activities.<\p>
HQ project trucks in $20M for energy-efficiency work
Master’s Transportation Inc. secured financing to help with energy efficient improvements as it builds its new headquarters and servicing center in south Kansas City. <\p> The national commercial vehicle provider last week closed on a $20.15 million loan through the Show Me PACE program for construction at its headquarters campus at 14655 Prospect Ave., where it will move from its current location in Belton, Jackson County property records show. Master's introduced the multifaceted project during a Port Authority of Kansas City meeting last summer and started work in December.<\p>
KC law firm changes leadership structure to keep culture as it grows
Looking to keep its culture strong as it continues to be one of the nation's fastest-growing law firms, Kansas City-based Spencer Fane LLP created a new alternative leadership structure.<\p> Spencer Fane grew its revenue by 139% since 2018, the highest rate of any of the top 200 law firms in the nation. Over that same period, the firm grew from 243 lawyers in eight states to 419 lawyers in 14 states and the District of Columbia. Average profit for partner at the firm is at $779,000, up 24% since 2020.<\p>
Casual dress is just the start of Gen Z making offices less formal
The post-pandemic workplace has undergone a lot of change, with hybrid work and the implementation of more-casual dress codes among the biggest shifts.<\p> Newly available research spotlights how both business owners and employees have younger workers to thank — or blame — for an ongoing casual revolution in the workplace that extends beyond dress codes.<\p>
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