Townsend Capital puts $200 M in new construction in the ground
$40 million Summit Square Apartments break ground, joins Missouri Innovation Campus & new hotel
Townsend Capital recently joined partner NorthPoint Development with Neighbors Construction to break ground on the newest luxury apartment concept to come to Lee’s Summit, Summit Square Apartments.
Summit Square Apartments is part of the $200 million, 80-acre, three-pronged development project that includes the Missouri Innovation Campus, 90-room Holiday Inn Express and commercial space for new restaurants, shopping, entertainment and office uses.
“We are excited to partner with Townsend Capital and continue our commitment to be bring luxury living to Lee’s Summit and the community,” said Mark Pomerenke, Vice President at NorthPoint Development. “We feel this is a great area, and provides close access to both retail and restaurants for our residents.”
The 308-unit Class A Summit Square Apartments broke ground Nov. 30 and plans to start leasing out soon, with opening scheduled for fall/winter of 2017. The MIC gears up in the summer of 2017 and the new hotel will open its doors this spring.
“This isn’t a project in theory, it’s a project in motion,” Townsend Capital partner Steve Rich said. “We are thrilled to see this next project in the ground in Lee’s Summit and delivering on our commitment to the city and residents.”
In addition to the 308-plus luxury apartments, the Summit Orchards phase of the development is planned to include over 250,000 square feet of shopping center, retail and office space.
“We’ve now completed the planning and ground development of over 80 acres of our land, including all roads and utilities, setting the stage for development around Summit Square and the new Summit Innovation Center,” Townsend Capital’s David Townsend said. “We are proud to see these projects come out of the ground and excited about the next phases of development for Lee’s Summit.”
Summit Orchards’ location puts it in the middle of a burgeoning hotbed of development activity that includes Summit Place (with key anchors like Sam’s Club), Summit Woods, Summit Fair and the Summit Technology Campus — all literally in the epicenter of innovation in Lee’s Summit.