Sales tax revenue bond sale will finance diverging diamond interchange at I-470 and View High Drive
Paragon Star LLC and the I-470 Western Gateway Transportation Development District (TDD) have announced the sale of $31.094 million in transportation sales tax revenue bonds to finance construction of new transportation related improvements in and around the Paragon Star sports and recreation project at the northeast quadrant of Interstate 470 and View High Drive in Lee’s Summit.
The funds will be used to finance construction of a new four-lane diverging diamond intersection at View High and I-470, as well as roads and bridges within the Paragon Star development and additional improvements to View High. The bonds were issued by the I-470 Western Gateway TDD and underwritten by D.A. Davidson of Denver. The bond counsel for the transaction was Gilmore & Bell, P.C., and the bond trustee is UMB Bank.
“It’s a big transaction for Paragon Star, and one that we’ve worked for many months to achieve,” said Paragon Star Developer Flip Short. “These bonds will finance significant infrastructure in and around Paragon Star, and I can’t thank the elected leadership and city management of Lee’s Summit enough for their support.”
Covering almost 200 acres and anchored by ten artificial turfed, lighted sports fields, Paragon Star is master planned to include a commercial village that will serve as an entertainment district and offer a variety of restaurants and entertainment venues, boutique retail, multifamily housing, office and hotels. The complex will be buffeted by ample green space including a trail head to serve the new Rock Island and Little Blue Trace trails. Paragon Star straddles the boundary of Lee’s Summit and Kansas City, although much of the initial phase will be developed in Lee’s Summit. Projected development costs for Paragon Star’s first phase are $260 million.
“We’re quite excited to have the needed infrastructure funding in place,” said Paragon Star Project Manager William H. Brown. “The funding will allow development at the site to continue with actual placement of utilities and road construction to begin this summer. The winter weather has delayed the largest part of the mass grading of the site, but this issuance will allow us to begin construction of roads and bridges this spring.”
The Paragon Star project has received strong support from the City of Lee’s Summit and is illustrative of the public private partnership (P3) approach to successful mixed-use development.
“We anticipate the new infrastructure construction, as well as the improvements to View High Drive, will create growth opportunities along our western corridor and provide long-term value to the City of Lee’s Summit,” said Lee’s Summit Mayor Bill Baird, who also serves as board president for the I-470 Western Gateway TDD.
Fogel-Anderson Construction Co. is serving as construction manager for Paragon Star, with GBA Team providing engineering services. The project’s architecture and design team includes Finkle+Williams, Land3 Studio, and Hoerr Schaudt. Learn more about Paragon Star at paragonstarUSA.com.
The sale of the bonds took place on Feb. 20, 2019, and the transaction’s formal closing date was Feb. 26.