A St. Louis-based developer will receive a slew of tax incentives to bring new hotels, retail and expanded parking options to Lenexa City Center.
Midas Lenexa CC LLC will construct a mixed-use building on roughly 2.3 acres along 87th Street Parkway between Penrose Lane and Elmridge Street.
Midas will build a 187,000-square-foot dual-branded hotel that will include an AC Hotel by Marriott and Residence Inn by Marriott. The building also will include roughly 11,000 square feet of retail and a 358-space garage.
On Tuesday, the Lenexa City Council approved a tax increment financing plan that would allow Midas be reimbursed as much as $26.2 million for the private investment in the project. The city also will issue $80.5 million in industrial revenue bonds to support construction.
A newly established community improvement district (CID) will collect an additional 1% sales tax when guests stay in one of the hotels or shop in the new retail space. The developer will receive 100% of CID revenue to cover eligible construction costs up to $6.5 million. However, city documents show the CID is expected to generate $3.3 million during its 22-year life, which starts in October 2025.
Keep reading in the Kansas City Business Journal.