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OVERLAND PARK, KS-Omaha-based Cormac Co. is moving forward with its 1.1 million-sf retail development, Corbin Park, after it secured $107.4 million in construction financing for the project. Work will begin this week at the site, at 135th Street and Metcalf Avenue. The open-air retail project is being developed by Corbin Park LP, a joint venture of affiliates of Cormac Co. and an equity partner represented by Invesco Real Estate out of Dallas. Previous reports put the project’s cost at $225 million.

“Closing this financing in the midst of current credit-market conditions is a testament to a strong project in an excellent location, as well as to Cormac’s sponsorship, its partners, and a great group of lenders,” said Brian Diedrichsen, Cormac’s director of capital markets, in a statement. He said that the project will become a catalyst for further development within this quadrant of Johnson County.

Retailers already signed include Von Maur, J.C. Penney, Barnes and Noble, Sports Authority, Gordon Biersch, Off Broadway and Village Roadshow. The company says other leases are expected to be announced in the coming months, including department stores, fashion retailers, restaurants, boutiques and entertainment venues. The development is planned to offer shoppers an outdoor amphitheatre and large amounts of green space with waterfall accents. Kansas City is a core market for the company, Diedrichsen said in the statement.

Company officials did not return calls for comment. Previous reports said the project was supposed to be finished this year.

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