(Editor’s note: Denver-based Punch Bowl Social announced in November 2019 it would be the tenant for this project)
By Kevin Collison
The vacant Jack Henry building at 47th and Jefferson is slated for a $44 million renovation to ready it for a hot entertainment tenant that would be new to the Kansas City market, according to its developer.
Matt Pennington, a principal with Drake Development, told the Port KC board Monday the tenant, which remains under a confidentiality agreement, wants to occupy 20,000 square feet, about one-third of the building by next year.
“We know this tenant would be a catalyst for more development in the Plaza to the west and would create an elite corner,” Pennington said.
A slide presentation by the developer described the planned entertainment tenant as “best-in-class.”
Pennington did say the tenant is not a theater complex. The Plaza has been without a movie theater since the Cinemark Palace closed in May.
The remainder of the building’s space is expected to be leased to restaurant and retail tenants.
The Port KC board approved allowing the developer to charge a special one-cent sales tax on purchases made in the building and a sales tax exemption on building materials. No property tax abatements were requested.
Pennington said the Jack Henry building, located at 612 W. 47th St., currently generates about $190,000 in property tax revenues for the city and other taxing jurisdictions.
When completed and fully occupied, it will yield an estimated $405,000 in property taxes and $1.65 million in city sales taxes annually, he said.
“This is a net-net positive for the city of Kansas City,” Jon Stephens, Port KC executive director, told the board. “Only users purchasing things in the building will pay a 1 percent sales tax.”
Pennington said the building, which is three levels of commercial space topped by a three-level, 155-space garage, is 100 percent vacant. Tomfooleries restaurant and Byron on the Plaza clothing store both closed at the end of 2018.
The financing incentives from Port KC is necessary because of the extensive costs including removing asbestos, upgrading the electrical system, sewer reconstruction, garage repairs and renovating the interior to allow greater ceiling heights.
The developer presentation said the redevelopment would improve the adjoining streetscape and save an “iconic” Plaza building from demolition.
The Jack Henry Building opened in 1954 and is not part of the original Country Club Plaza. The exterior was renovated in 1997 to make it more complementary to the Spanish-style architecture of the Plaza.
The new redevelopment would make relatively minor changes to the building appearance, Pennington said. The most visible change would be the addition of a “sister” tower to match an existing tower at the southeast corner of the building.
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Revolution?
The Plaza really needs another example of suburban strip mall center mentality.
Lazy.
Wants to remain confidential. That way when another pie in the sky idea falls apart, they can escape without blame.
Too bad they couldn’t have done a grocery store on that site. The Plaza has long ceased to feel like a real neighborhood. There once were drug and grocery stores, barber shops, etc., that got the residents in all those apartments out and about on the sidewalks. Whenever I’ve visited the Plaza the past twenty or so years since I’ve lived away from KC, I’m struck by how anemic and sleepy it’s gotten. There never seems to be many out on the sidewalks like when I was growing up in the 70’s and 80’s. At night, especially.
Actually, what I’d like to see is the Plaza being sold off in parcels/by building so it wasn’t a one entity neighborhood (basically). A more organic and lively mix of owners would result (IMHO) and the place wouldn’t feel so samey samey and shut down after 9:00.
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