Lee’s Summit books $200 million in tech corridor investment
Lee’s Summit’s development boom is continuing with an estimated $200 million in recent investment on tap for the tech-rich Summit Corridor just south of I-470 near Chipman and Ward roads. The investment includes the $85 million Summit Orchards mixed-use project, the $50 million Missouri Innovation Campus, $55 million in retail development and a $10 million, 90-room Holiday Inn Express set to open in 2017.
“The Summit Corridor is an exciting, up-and-coming neighborhood that adds a new dimension and quality of life to Lee’s Summit and really to Eastern Jackson County,” said Lee’s Summit Mayor Randall Rhoads. “The addition of new amenities such as hotels, restaurants and retail stores all help build a more vibrant community.”
Summit Orchards is a 47-acre mixed-use project being developed jointly by Townsend Capital, RED Development and NorthPoint Development. In addition to more than 250,000 square feet of office and retail space, Summit Orchards will include Northpoint’s Summit Square Residences, a $36 million, 310-unit apartment complex.
“Cerner’s new data center at Summit Technology Center, along with the Missouri Innovation Campus, is helping create demand for hotels and housing in the growing Summit Corridor. In particular, Summit Square Residences will create much needed rental housing options for workers in and around Lee’s Summit,” said Rick McDowell, president and CEO of the Lee’s Summit Economic Development Council.
Mark Pomerenke, VP of Operations for NorthPoint Development, said Cerner’s massive new headquarters in South Kansas City and Lee’s Summit’s high-growth environment made the Summit Square project attractive. Rents in the apartment community will start at $900 for a one-bedroom unit.
“Cerner’s campus is a big game changer for Lee’s Summit. They’re a few stops down the highway and offer high quality schools and plenty of new housing stock in the pipeline,” Pomerenke said. “We are hopeful we can capture a good part of that new employment base and we view multifamily as part of the housing process.”
Steve Rich, vice president of Townsend Capital, applauded the city’s financial support of development in the Summit Tech corridor and said more projects and investment are on the horizon.
“There is strong momentum in that corridor right now with an estimated 5,000 people working nearby. We have an additional 80 acres ready to develop, so we see a lot of potential and upside there,” Rich said.