KANSAS CITY, MO-A bond issue to help jump-start the East Village Redevelopment project, expected to cost about $360 million, has been closed for the city by Stern Brothers & Co. The $29.3 million issue is to help fund infrastructure improvements, land acquisition, remediation and construction of a 750-space parking garage, all part of phase one of the project, which includes the $59 million new headquarters now being built for developer JE Dunn. The bonds are financed by a TIF set up for the project.

Dunn was joined by locally-based Swope Community Builders and Minneapolis-based Sherman Associates in redevelopment plans for the 12-block area northeast of City Hall. Dunn’s new world headquarters, which the company will use to consolidate offices it has throughout the city, will be five stories and 204,000 sf. Future phases are to include 1,183 new housing units and 87,200 sf of retail.

The project will revitalize an area of the city that’s been blighted for too long, says Tom Moriarty, managing director of Stern Bros. “It’s had run-down hotels, and vacant gas stations and sporting goods stores,” he tells GlobeSt.com. “But this project should really add to how the Downtown is being turned around. It’s really exciting now, what they’re doing with areas such as the Power and Light District, which is just seven or eight blocks from East Village.”

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