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Mission Mayor: Bank files to foreclose mortgage on Mission Gateway project property

Mission Gateway Project.png
Posted at 7:53 PM, Apr 24, 2023
and last updated 2023-04-24 20:53:30-04

KANSAS CITY, Mo. — The Mission Gateway project along Shawnee Mission Parkway and Roe Boulevard in Mission, Kansas, could be in jeopardy — again.

In a meeting on April 19, Mission Mayor Sollie Flora revealed Metropolitan Commercial Bank has taken action to foreclose on the mortgage on the property.

The move by Metropolitan Commercial Bank comes months after the Mission City Council signed off on the latest proposal from Aryeh Realty LLC, the developers of the project.

After the approval in January, pending the issuance of a bond, Aryeh Realty LLC was required to start construction within four months. It takes about three to six months for a bond to be issued.

Aryeh Realty wants to complete the project in two phases.

Phase one includes 49,752 square feet of small-shop commercial or restaurants uses, along with 90,000 square feet of entertainment space, 373 apartment units and surface parking and a parking garage.

In phase two, a 202-room hotel and 100,000 square feet of office or a medical facility will be built.

“It would be premature for the City to make further comment at this time, but we will share information at a future date as it becomes available," Flora said in a statement.

Flora said Aryeh had yet to receive any incentives from the City related to Mission Gateway.

"The foreclosure action does not negate any current or future taxes or special assessments due to the City," Flora said. "The City will continue to assess its rights under the redevelopment agreement."

KSHB 41 has reached out to Tom Valenti, a representative of Aryeh Realty LLC for comment on the matter. This story will be updated if one is received.