CRE X Missouri

$31 million bond sale paves way for Paragon Star development in Missouri

$31 million bond sale paves way for Paragon Star development,ph01

Paragon Star LLC and the I-470 Western Gateway Transportation Development District have announced the sale of $31.094 million in transportation sales tax revenue bonds to finance construction of new transportation-related improvements in and around the Paragon Star sports and recreation project at the northeast quadrant of Interstate 470 and View High Drive in Lee’s Summit, Missouri.

The funds will be used to finance construction of a new four-lane diverging diamond intersection at View High and I-470, as well as roads and bridges within the Paragon Star development and additional improvements to View High.

“It’s a big transaction for Paragon Star, and one that we’ve worked for many months to achieve,” said Paragon Star Developer Flip Short in a statement. “These bonds will finance significant infrastructure in and around Paragon Star, and I can’t thank the elected leadership and city management of Lee’s Summit enough for their support.”

Covering almost 200 acres and anchored by 10 artificial-turfed, lighted sports fields, Paragon Star is master-planned to include a commercial village that will serve as an entertainment district and offer a variety of restaurants and entertainment venues, boutique retail, multifamily housing, office and hotels.

The complex will be buffeted by ample green space including a trail head to serve the new Rock Island and Little Blue Trace trails. Paragon Star straddles the boundary of Lee’s Summit and Kansas City, although much of the initial phase will be developed in Lee’s Summit. Projected development costs for Paragon Star’s first phase are $260 million.

“We’re quite excited to have the needed infrastructure funding in place,” said Paragon Star Project Manager William H. Brown in a statement. “The funding will allow development at the site to continue with actual placement of utilities and road construction to begin this summer. The winter weather has delayed the largest part of the mass grading of the site, but this issuance will allow us to begin construction of roads and bridges this spring.”

The Paragon Star project has received strong support from the City of Lee’s Summit and is illustrative of the public private partnership (P3) approach to successful mixed-use development.

Fogel-Anderson Construction Co. is serving as construction manager for Paragon Star, with GBA Team providing engineering services. The project’s architecture and design team includes Finkle+Williams, Land3 Studio, and Hoerr Schaudt.