Northpark Crossing | Joplin, Missouri
The Vogel Property Group and Northpark Crossing
Northpark Crossing was Joplin, Missouri’s largest commercial real estate development project in over 25 years and also its first to implement Tax Increment Financing (TIF). Joplin’s most vibrant retail corridor is near 7th and Range Line, with that corridor being anchored by Northpark Mall, a successful regional mall with just under 1 Million square feet of leasable space. Also within the district is a Target Store, however, between Northpark Mall and Target was a residential neighborhood built during the 1950’s and 60’s. The residential neighborhood — although still viable with many large, owner-occupied homes — was no longer the property’s highest and best use.
The Development Process
The goal was to acquire all 17 existing residences within the subdivision, which would translate to just over 20 acres of usable commercial land. The key component to the amalgamation was the synergy it would create within the vital Rangeline, commercial corridor in Joplin. Because the existing Target store was separated from Northpark Mall by the residential subdivision, it was not possible to create a commercial power center in this corridor.
Acquiring 17 existing residences — most of which were owner occupied, large and in good shape — was no easy feat. Although city staff was highly enthused and helpful, the city council had to be educated on TIF funding and its process which was necessary for project’s economic viability. Further complicating issues, the large anchor tenant — that behind the scenes showed exuberant interest — refused to let themselves be privately or publicly revealed.
The Vogel Property Group’s participation in the project included land acquisition, initial planning, the zoning/entitlement process and introduction of the TIF process to the city. Within the introduction of TIF, it was necessary to educate the local public and public officials why TIF was necessary for the success of the project. After progressing the project to this point, Vogel’s group sold its 17 parcels to a power center developer for a solid profit margin. After the sale, Vogel and those he worked with were proud to see that the project they conceptualized was completed as originally proposed with the Kohl’s Department Store anchoring the $60 million project and included many new retailers in the market.