Urban America is a consortium of investors that seeks properties being constructed in large cities where revitalization is taking place. It is a minority-controlled group of institutional investors. Urban America, with about $100 million in equity, was formed in 1999.
Terms of the sale were not disclosed. Closing could come as quickly as 30 days. In addition to the building that houses Home Depot, also included in the sale is a small office building that will be home to MainCor, an advocate for businesses along the Main Street corridor.
Taxes generated from the Midtown Marketplace shopping center are to be used in the surrounding neighborhoods. Monies have been earmarked for housing improvements in addition to infrastructure upgrades.
Midtown Redevelopment Corp. is selling the buildings. The group will remain a minority partner with Urban America.
The Kansas City TIF Commission, in a separate transaction, is selling the free-standing, historic Luzier building at 3216 Gillham Plaza to Preservation Inc. The building sits on the eastern fringe of the Midtown Marketplace shopping center.
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