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Block Real Estate Requests $800K Bond For Overland Park’s Galleria 115

Block Real Estate is requesting a bond from the City of Overland Park to finance a portion of construction costs for phase two improvements of the Galleria 115 development. Photo credit: Google Maps

Posted February 27, 2024

Block Real Estate Services LLC is requesting the City Council of Overland Park to issue an $800,000 bond to finance a new retail space in the Galleria 115 development.

The bond requested would provide a sales tax exemption and cover a portion of the cost of construction materials for phase two of the development site. The developer plans to build a 2,215-square-foot building located on the northwest corner of 112th Street and Nall Avenue.

The developer is currently in negotiations with a coffee tenant for the new retail space. The space is on lot 7 of the development site and sits next to other restaurants such as Whataburger, Chick-fil-A and Andy’s Frozen Custard to the north and an unknown breakfast restaurant tenant, also in negotiations, directly south.

The new building is part of the larger Galleria 115 mixed-use development.

Last year, the Overland Park City Council approved an updated development plan for the project that would increase its scope. The development is now being planned in five phases, as opposed to just three and delayed its expected completion from October 2027 to December 2030. The development also gained a price increase from roughly $253 million to roughly $440 million. Phase two of the development is expected to last through 2024.

The next City Council meeting is scheduled for March 4 where council members will consider the bond application.