KANSAS CITY, Mo. — The Kansas City Royals and Hallmark, alongside state and local leaders, announced details Wednesday of a $3 billion mixed-use ballpark district at Crown Center.
Wednesday’s announcement from the American Restaurant in Crown Center included speeches, renderings and videos.
The hard work to turn those renderings into reality now begins.
KSHB
Timeline
When the Kansas City, Missouri, City Council approved a financing plan for a stadium district in the Washington Square Park/Crown Center area, officials were hopeful to complete the project in time for the 2030 MLB season.
Royals Chairman and CEO John Sherman said during the news conference the club plans to break ground on the project in 2027.
When asked Wednesday if 2030 was still possible, KCMO Mayor Quinton Lucas said that was still the target.
KSHB 41’s Tod Palmer asked the same question to City Manager Mario Vasquez, who described the 2030 date as an “aggressive timeline.”
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Financing
Officials said the overall mixed-use ballpark district will cost $3 billion, $1.9 billion of which will go toward the stadium.
John Sherman said the club and private investors would pay for 2/3 of the overall cost.
The KCMO financing arrangement approved earlier this month provides up to $600 million in city-backed financing for the project.
The bulk of the remaining funds would likely come from bonds issued by the state of Missouri through the recently approved Show-Me Sports Investment Act. The bonds would then be repaid by revenues generated in the district.
In a press release Wednesday, Lucas described the project as a “public-private partnership that relies on revenues generated by baseball and ancillary development with no new taxes and no large special taxing districts.”
Royals Vice President/COO Brooks Sherman told reporters that the development would convey ownership of stadium land to KCMO, with the team then leasing that land back for the stadium.
Plan approval
When Lucas and the council voted 11-1-1 earlier this month to approve the financing framework, it was noted that any final plan would need to come back before the council. A date for that review process to begin has not yet been announced.
As the development is currently structured, no public vote is required for the plan to move forward.
Status of Hallmark HQ, staff
During Wednesday’s news conference, Hallmark Executive Chairman Don Hall Jr. announced that Hallmark’s headquarters building, located at 2501 McGee Street, will be torn down to make way for the stadium development.
Hall said the company had notified staff of the announcement earlier Wednesday morning. While a temporary office location will be needed, it wasn’t immediately clear when employees would move out or where they would be temporarily relocated.
Hallmark’s new global headquarters will be in a newer building on the Crown Center campus, Hall said.
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‘ The preceding article may include information circulated by third parties ’
‘ Some details of this article were extracted from the following source www.kshb.com ’
