A Great Time for a Great City

by Thomas J. Turner, III

Kansas City is in the midst of what is perhaps its greatest time in its long and rich history. To be sure congratulations are certainly due, as well as much deserved, around the entire region. I would like to point out that few of these great steps forward would have been taken without the assistance of economic incentives. Various forms, types and styles of financing—whether subsidies, bonds, tax abatements, STAR bonds or TIFs—have been instrumental in the development of this great city.

There has been, and there will continue to be, much debate about public and private partnerships and economic incentives. Politicians, developers, citizens and nearly everyone in between will continue to ask pertinent questions. When are economic incentives appropriately used? When should they not be used? When is an area healthy enough to attract development at market cost? And so on.

Set the financing methods aside for just a moment. Think about the idea of being great, which is not normally a word we modest Kansas Citians use comfortably or genuinely to discuss our city or ourselves. Sure, we’ve experienced great moments, built great projects and we all describe our city as a great place to live.

What is unfolding before us, however, is genuinely great by the objective standards of any major city. So much is going on, in fact, that instead of stopping to smell the roses—or savor the new skyline—we just keep moving on. Debates on economic incentives can wait. Let’s look at what’s been accomplished. The magnitude is truly stunning.

-  First and foremost, $4 billion of development is happening in Downtown KC, improving our city and our lives.

This includes:

•  A new Downtown Library and a wonderful streetscape façade of books

•  A new Federal Courthouse, complete with a green and graceful park

•  A new Sprint Center Arena, which will seat more than 18,500 people

•  A new H&R Block world headquarters

•  A new Power & Light Entertainment District, which will surround and connect H&R Block with the Sprint Center Arena

•  Renovations and upgrades to Bartle Hall and the Kansas City Convention Center

•  A new $350 million performing arts center

•  A new 3,000 employee IRS processing center

•  A new Federal Reserve Bank headquarters

•  A new print facility for The Kansas City Star

•  A new J.E. Dunn Construction Company headquarters, which will be started in the upcoming months

-  A record number of buildings have been rehabilitated into condos, lofts, office space and retail shops, from the River Market through the main urban corridor to Brookside. This trend continues and spreads through more suburban areas, as well.

-  The eclectic, electric Freighthouse District continues to grow, both in terms of its First Friday events and in its reputation as a residential, office and retail hotspot. The tremendous growth of this area, especially as it expands just a few blocks to the east, will soon connect to the Negro Leagues Baseball Museum, the American Jazz Museum and the 18th and Vine Historic District.

-  The Crown Center area is booming, with the new Shook Hardy & Bacon building and plans of further significance. If you haven’t driven along Gillham Road in a while, you might be shocked at the transformation. Beautiful new condos and apartments create a successful neighborhood environment.

-  The renovated Liberty Memorial opens soon and is the only true World War I memorial in the country.

-  The Country Club Plaza has never looked better and remains fresh with many exciting projects underway. The largest is probably the West Edge, which will house offices, condos, restaurants, a hotel and even the Advertising Icon Museum!

-  The new addition and renovations to the Nelson Atkins Museum should be embraced! While some may not understand the cost or architecture, the approach was based on the very concept of “greatness.” That is, what will people see when they visit the museum in 50 or 100 years? One thing I know for sure:  they will ask neither the price nor whether everyone liked it.

-  The Stowers Institute is simply spectacular, as is the Kauffman Foundation. Both are examples of truly incredible resources, financial and otherwise, for all of us. Both are considered to be some of the greatest gifts of philanthropy in the entire country.

-  UMKC continues to positively affect the area, with the coming demolition of the Twin Oaks and transformation into more modern, apartment-style facilities for students.

-  I simply cannot fail to mention the renovations that are soon to come to Kauffman Stadium and to Arrowhead Stadium. Our already beautiful stadiums will get even better. 

-  Even Highway 71 has been completed, providing easy and quick access around the city.

This list barely scrapes the surface of the truly great things going on throughout our region, due to space limitations. I haven’t mentioned the monumental success of the new Kansas Speedway and Village West, the amazing growth of Lee’s Summit, the stunning popularity of Zona Rosa or the spectacular achievement of the whole Briarcliff development. I apologize to all.

But my point is that each and every one of us is witnessing the absolutely unprecedented—in our history as well as the history of major cities anywhere. Together, the communities that make up our region—whether north, south, east or west—are borrowing the motto of Missouri, showing the rest of the country how great cities are built. Now, let’s just make sure that we are all looking!

Thomas J. Turner, III is the chairman of Collateral Mortgage Capital. He can be reached at 913.748.4444 or by email at tturner@collateral.com.