A five-story office building a stone’s throw away from where construction one day could resume on a $225 million mixed-use project recently has come under new ownership.
Of the building’s approximately 75,000 square feet of leasable space, about 63% is accounted for, Brain told the Kansas City Business Journal. Current tenants include Security Bank of Kansas City and Walz Tetrick Advertising Inc.
A mixture of office spaces totaling 27,214 square feet now are available within the building, its latest property listing shows.
The building features a newly renovated lobby, common areas, corridors and bathrooms, and Brain said his group is “excited” to invest additional money in further tenant improvements.
The property had a 2020 appraised value of $6.2 million, according to Johnson County property records.
About two blocks away from the office building rests the former Mission Center Mall site, where since March construction has stalled on the Mission Gateway mixed-use development.
In late October, New York-based Cameron Group LLC re-emphasized its commitment to the project, which is planned to include an entertainment complex, a food hall, a Marriott Element hotel, and future luxury apartments and offices.
Although Cameron Group has not yet disclosed a timeline for when it expects to close on financing and resume construction, Brain said the promise of eventual redevelopment bodes well for Mission at large, making 5201 Johnson Drive an attractive get.
“We knew something was going to happen there (at the Mission Gateway site) eventually, whether that’s today or 10 years from now,” he said. “It shows that there’s a lot of new investment in the area, and that’s a big factor for us.”