The disposition of the RACER Trust site in Kansas City, Kan., could wrap up by March.
The timeline for the development rights and the approval of a community improvement district for the former General Motors Co. plant site in the Fairfax Industrial District is expected to finish up at the Unified Government of Wyandotte County/Kansas City, Kan.
Officials with the Revitalizing Auto Communities Environmental Response Trust have told UG officials they won’t complete the deal until the local government has signed off on their terms and conditions for the 80-acre industrial site.
Indications are that NorthPoint Development is the buyer-in-waiting once the UG confirms the details.
RACER Trust and NorthPoint Development officials have not commented about their relationship, but a Feb. 4 meeting of the UG’s Economic Development & Finance Committee advanced the discussions between both parties and characterized NorthPoint as the potential developer.
A development agreement contemplated between RACER and NorthPoint has the latter developing 1 million square feet of new industrial space at an investment level exceeding $40 million.
NorthPoint is a known quantity for the UG: It is developing new market-rate apartments near Legends Outlets Kansas City, and its vice president, Brent Miles, was the former president of the Wyandotte County Economic Development Council.
County boosters have described the prospect of redeveloping the long-vacant RACER site as a promising addition to the Fairfax Industrial District.
Fairfax got its most recent infusion of good news when GM confirmed last month that it would expand its assembly plant — a $600 million investment.
WCEDC President Greg Kindle lauded the development potential.
“Reinvesting in Fairfax makes that property even more important, so you can get a real focus on new development within that park,” Kindle said.
ARTICLE BY: KANSAS CITY STAR – BY STEVE VOCKRODT
Date: Friday, February 8, 2013