Earlier this week on the Kansas City Business Journal’s website and again in this week’s print edition, I described how NorthPoint Development seemed to have the inside track for development rights to the 80-acre RACER Trust site.
RACER Trust is the former General Motors Co. plant in the Fairfax Industrial District in Kansas City, Kan., not far from GM’s current plant.
My information was gleaned from a Unified Government of Wyandotte County/Kansas City, Kan., committee meeting agenda.
Neither RACER Trust nor NorthPoint Development officials were discussing the project.
But today, they speak. Sort of.
A statement from RACER Trust said it had accepted an offer from NorthPoint to buy the Fairfax site, contingent on the UG’s approval.
That’s expected to happen in March.
The statement said NorthPoint plans more than $40 million in initial investment and projects that will generate 2,000 jobs.
The project was broadly described as a manufacturing and automotive-related industrial center with 1 million square feet of new development.
It has daily rail service from Union Pacific Railroad.
NorthPoint officials could not immediately be reached for comment.
But the forthcoming project, pending UG’s approval, is called Central Industrial Park.
“The planned Central Industrial Park is a result of our collaboration with the Unified Government to develop a marketing strategy for the site that guided our subsequent discussions with potential buyers,” RACER Trust redevelopment manager Bruce Rasher said in a written statement. “We appreciate the community’s active participation in the Trust’s marketing efforts and the relationships we have built as a result. We share the community’s urgent desire for new jobs and other economic benefits.”
It looks like real estate firm Jones Lang LaSalle is partnering with NorthPoint to develop the project.
Jones Lang LaSalle’s Mark Fountain has worked with NorthPoint on an industrial investment fund that started with the purchase of two industrial properties recently.
“We are extremely excited to partner with Jones Lang LaSalle to be the potential developer of the new Central Industrial Park, the former RACER/General Motors property located in the Fairfax District,” NorthPoint CEO Nathaniel Hagedorn said in a written statement. “The economic impact of our 1 million square feet of planned redevelopment would provide a boost to the Fairfax District and the metro’s economy, and we’ll be ready to move quickly if the Unified Government Commission approves.”
ARTICLE BY: KANSAS CITY STAR – BY STEVE VOCKRODT
Date: Friday, February 8, 2013