Shawnee Marketplace coming soon.
Construction could begin within the next 30 days on the first phase of the “Shawnee Marketplace,” which will be a new $20 million anchored shopping district in the area of Interstate 40 and Kickapoo.
The project by Hunt Properties, Inc., has been three years in the making, with the Dallas, Texas-based retail developer working to bring major retailers to the city of Shawnee. The retail development is expected to have annual sales of about $30 million when fully developed by phase two.
Phase 1 of the project calls for 125,000 square feet of retail space, with four to six retailers on 16 acres of the initial development area west of the Burger King and Delta Café.
Jeff Williams, president of Hunt Properties, Inc., said they are still proceeding on schedule and hope to begin construction in the next month or so.
“Construction plans have been submitted to the city and we will continue to work closely with them to get them finalized,” he said.
This development will be the second biggest in Pottawatomie County history — second only to Shawnee Mall.
The six retailers in Phase 1 should have spaces of anywhere from 5,000 to 50,000 square feet each, with the main entrance for Phase 1 planned to be off Kickapoo Street.
Both the city of Shawnee and Pottawatomie County commissioners have inked incentive agreements to bring this development to Shawnee.
Pottawatomie County commissioners have agreed to provide up to $1.25 million in economic development funds for development, while the city of Shawnee has approved a sales tax rebate agreement.
That sales tax rebate agreement states the city agrees to provide the developer, in the form of a rebate, an amount not to exceed $3.75 million in sales tax generated exclusively from the new project.
The amount of sales tax rebate will be 2 percent of taxable sales for six years, then 1.5 percent for an additional three years, for a total period not to exceed nine years up to a maximum of $3.75 million, whichever comes first.
The city of Shawnee collects three cents tax for every dollar spent while Pottawatomie County will benefit from the county’s one-cent sales tax.
While the stores for the project haven’t been officially disclosed, the development will include retailers that Shawnee residents would usually travel elsewhere to shop, such as Midwest City or Oklahoma City, officials have said.
With Phase 2, the development would have a total of 400,000 square feet of retail space.
An Economic Impact Analysis done by the Shawnee Economic Development Foundation to assess the impact of this development shows that the temporary impact of construction is nearly $18 million, with about $35 million of an economic impact from retail sales.
With property taxes, the annual fiscal impact for the county is $545,796, while Gordon Cooper Technology Center would benefit with more than $200,000, and the school district just under $900,000. With a portion of property tax going to the library, it also would see an impact of $86,817 annually.
While officials have yet to disclose which stores will be coming to Shawnee, similar projects in other cities have included stores such as TJ Maxx, PetsMart and even Hobby Lobby.
Watch for updates.