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Kansas City Business Journal
Homeowners continue to build equity, impacting future buying decisions
American homeowners continue to build significant equity even as the housing market has slowed and home prices aren't rising as rapidly as they did in recent years.<\p> U.S. homeowners with a mortgage pulled in $28,000 in equity gains on average year over year in the first quarter, the highest amount since late 2022, according to CoreLogic Inc. That average year-over-year increase of 9.6% translates to a collective gain of $1.5 trillion and means net homeowner equity totaled more than $17 trillion at the end of Q1.<\p>
1 Million Cups gets new executive director
The Kauffman Foundation has named a new leader for a pair of its prime entrepreneurial support programs.<\p> Olatunji Ajani will lead the Ewing Marion Kauffman Foundation’s 1 Million Cups and FastTrac programs beginning July 1, the foundation announced Monday. The announcement is one in a string of moves the foundation is making as it progresses with a new strategic plan under DeAngela Burns-Wallace, who became CEO in August.<\p>
Garmin co-founder funds autoimmune research institute
Cedars-Sinai Medical Center officially opened a major new institute this month thanks to a donation by the family of Garmin co-founder Min Kao.<\p> The Los Angeles-based medical center celebrated a ribbon cutting or the completion of the first phase of construction on the Kao Autoimmunity Institute, according to a release. The project is funded by a $20 million gift from the Olathe-based Kao Family Foundation.<\p>
Growing senior living company targets Shawnee
A St. Louis-area company plans to build a senior living center on 20 acres in southeast Shawnee. The center would join a network of centers that is growing rapidly throughout the Midwest.<\p> Cedarhust Senior Living proposes constructing an 85-bed assisted-living and memory care facility on the 6900 block of Lackman Road. The Shawnee Planning Commission is to review plans at its regular meeting on Monday.<\p>
Australian businesses flock to KC. Why?
SafetyCulture moved its U.S. headquarters from San Francisco to Kansas City in 2018 for a practical reason — the Australian tech company wanted be closer to more of its U.S. clients. <\p> It found a hub of tech talent in Kansas City, and employees had a “roll-up-their-sleeves" attitude when helping customers, said John Mumford, SafetyCulture VP of Global GTM, who is based in Kansas City. The area was boon for SafetyCulture, which recently has achieved double-digit revenue growth. <\p>
KC bank's $2B merger almost didn't happen, filing shows
UMB Financial Corp. and Heartland Financial USA Inc. are working to close a $2 billion merger, but the combination didn't come easily, after talks withered and went silent for about 18 months, a new SEC filing shows.<\p> UMB (Nasdaq: UMBF) and Heartland Financial (Nasdaq: HTLF) officially signed an all-stock merger agreement on April 28. It is UMB’s largest acquisition and, at the time, the largest U.S. bank deal announced in two years. <\p>
Lenexa hopes remediation helps mine more development
Remediation of a former limestone mine soon could pave the way for new development in Lenexa. <\p> Last week, city planners approved a final site plan and special-use permit (SUP) for Topeka-based Mid-States Materials to operate a mining and quarrying operation at the southwest corner of Kansas Highway 10 and Renner Boulevard. <\p>
Country Club Plaza could sell in two weeks
A new era may begin soon for the Country Club Plaza: Kansas City Mayor Quinton Lucas this week told news outlets that the iconic retail center is on track to sell to new owners by the end of June. <\p> The Kansas City Business Journal learned from three sources familiar with the transaction that HP Village Partners LP is set to close on the Plaza on June 28. The Dallas area group's purchase price is not yet confirmed but is said to be well below the $660 million sum The Macerich Co. and Taubman Centers paid to buy the 15-block center in 2016. Their joint venture in May 2023 defaulted on $295.2 million in outstanding acquisition debt with lender Nuveen.<\p>
Kansas tax deal may open a STAR bond path for Chiefs move
The news late Thursday that Kansas GOP leadership and Gov. Laura Kelly cut an agreement on tax cuts allows them to shift their attention to wooing the Kansas City Chiefs and/or Royals to the Sunflower State.<\p> Before the Chiefs got their Super Bowl LVIII rings, Chairman and CEO Clark Hunt was asked about the special session in Topeka, where lawmakers are expected to try to sweeten a sales tax revenue (STAR) bond package to attract the team.<\p>
VA grants extension in Oracle Cerner EHR contract
The Department of Veterans Affairs awarded Oracle Cerner the second option on its $16 billion contract to deploy the company’s electronic health record system throughout the agency.<\p> The contract’s first option was set to expire May 16, but the VA announced a one-month extension to allow for negotiations, which resulted in an 11-month extension that “completes the second option period award,” the VA said in a Thursday release. In May 2023, the VA and Oracle Cerner renegotiated the company’s five-year contract to make it five one-year terms, allowing the agency to review progress and renegotiate if necessary. <\p>
Mr. K winner: 'People drive that engine' for business
As Deangela Burns-Wallace introduced this year’s Mr. K winner, Walz Tetrick Advertising, she described the agency as one that “epitomizes the entrepreneurial spirit and the community centric ideals that Ewing Kauffman relied upon to improve this region that he loved.” <\p> “This year’s award winner has persevered to create a thriving business that has been a part of the Kansas City business scene for more than half a century,” Ewing Marion Kauffman Foundation CEO Burns-Wallace said Thursday afternoon. “A culture of collaboration and strategic thinking has allowed this company to deliver insight, driving evolutionary results for its clients. … This focus on bolstering the Kansas City region and the people and the communities who live and work in this region is at the heart of this award that is named for Mr. K.” <\p>
Ex-employee accuses engineering firm of discrimination
A former office administrator is suing Kansas City-based Dialectic Engineering, claiming racial and gender discrimination involving the then-CEO. <\p> Ashley Phillips worked at Dialectic for roughly two years as an assistant to C-suite executives before she was terminated in 2022. She filed the lawsuit May 20 in Jackson County Circuit Court. Dialectic Engineering is a mechanical, electrical and plumbing engineering firm based in the Crossroads Art District. <\p>
Developers seek $41.9M from Port KC for luxury Plaza apartments
Kansas City developers look to build 600 high-end apartments in projects totaling $353 million near the Country Club Plaza — and have turned to the Port Authority of Kansas City for $41.9 million in incentives. <\p> One $206.7 million project, The Madison by Block Real Estate Services LLC, includes 279 luxury units in a 17-story tower south of 46th Street, between Roanoke Parkway and Madison Avenue, near the Plaza's northwest corner. Another $146.3 million plan, by Block and Sunflower Development Group, involves converting the Plaza Corporate Centre offices just southeast for 119 market-rate apartments, and construction of 202 more units in place of existing office parking to the north. <\p>
Most Americans still struggle to get away from work while on vacation
Most Americans struggle to get away from work while on vacation, even as some progress is being seen in restoring work-life balance.<\p> About 59% of the 2,000 Americans surveyed by communications firm Movchan Agency said they struggled to switch off during their downtime and 63% said they felt anxious if they didn’t check work emails while away. Overall, 54% said they worked while on vacation, although that's a lower share than previous years. <\p>
KC proves finger-lickin' good to fast-food franchisees
Although Kansas City has had notable success in developing industries such as logistics and health care technology, it also has been beefing up another category through the years: fast-food franchisees.<\p> Some of the nation’s largest franchisees are based in the area, including the largest U.S. woman-owned McDonald’s franchisee. Leawood-based KBP Brands is the fifth-largest restaurant franchisee in the U.S. It’s also KFC’s largest franchisee, with more than 790 restaurants, and Arby’s second largest, with 116 locations. In 2023, KBP’s revenue climbed to $1.37 billion — ranking it No. 11 on the Kansas City Business Journal’s Private Companies List.<\p>
KC Chamber crowns 2024 Mr. K Award winner
A new Mr. K Award winner has been crowned: Mission-based Walz Tetrick Advertising. <\p> Founded in 1967, the advertising and media agency has continued fostering notable growth. In the past 18 months, it expanded its office from 13,000 to 45,000 square feet, doubled its staff to 120 employees and acquired three companies, including Kansas City-based Inquest Marketing. <\p>
Six months into merger, Saint Luke's/BJC work on combining
Saint Luke’s Health System and BJC HealthCare are six months into a merger that widened its operations and established the combined system as a regional player. <\p> “This seemed like a truly a powerful combination to continue our mission to just grow and take care of our communities in even bigger and better ways” said Julie Quirin, president of BJC’s Western region, which consists of Saint Luke’s. <\p>
Here's how the U.S. could make it to KC in the 2026 World Cup
Kansas City now knows how the U.S. Men's National Team could play a quarterfinal game at GEHA Field at Arrowhead Stadium with FIFA's release of the 2026 World Cup schedule.<\p> In February, FIFA announced that Kansas City would host six games, including a quarterfinal match — over the course of nearly a month in summer 2026. FIFA released its games schedule on Wednesday. The schedule identifies only the starting point and potential destinations for the host nations: the U.S., Canada and Mexico. The other 45 teams in the tournament will be fixed once qualifying concludes.<\p>
Polsinelli’s new Utah leader has longtime KC ties
Kansas City-based Polsinelli PC expanded its presence in Utah by opening an office in Park City to complement its location in Salt Lake City. <\p> The firm named shareholder Marla Bell as managing partner for both offices. Bell has been with Polsinelli since 1999, spending much of that time handling commercial real estate finance matters in Kansas City. She earned a law degree from the University of Kansas in 1995. <\p>
The Playbook: The common pay threads for high-performing companies
Editor's Note: Welcome to The Playbook Edition, a look at stories, trends and changes that could affect your business and career. Want more stories like this in your inbox? Sign up for The Playbook newsletter. <\p> During a time when more workers expect transparency around pay, most top-performing companies are proving to be forthcoming — but that's not the only common thread. <\p>
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