HP Village Management of Dallas is the new owner of Country Club Plaza in Kansas City. The company closed the deal last week and made the official announcement on Friday.
“We are thrilled to be the new stewards of this beloved destination of Kansas City and restoring the jewel of the Midwest,” said Ray W. Washburne, president of HP Village Management. “For our family, this is a legacy investment, and we are joined by several prominent local and regional families, who are passionate about returning the Plaza to its national historical status.”
Country Club Plaza was designed in 1922 as the nation's first "suburban" shopping district. The shopping center, opened in 1923, was specifically built to accommodate customers arriving by car. It contains a mixture of stores, restaurants, entertainment venues, and offices and is about four miles south of downtown Kansas City.
Since 2016, the shopping center has been owned by Taubman Centers and the Macerich Company. However, that partnership defaulted on a loan last year. The shopping center had several vacancies that year, and locals in Kansas City have expressed concerns about safety.
Washburne acknowledged the shopping center has faced challenges, but said the new owners are committed to making improvements.
"We had about 13 tenants close up while we had it under contract, so every time we thought we were getting close to closing the deal, which we tried to do at the end of last year, another rollout of bankruptcies came," he said. "That being said, there are a lot of tenants that are doing very strong."
He also committed to making improvements on the property - and taking steps to address concerns about safety. Company officials have had several meetings with the Kansas City Police Department.
“We plan to immediately invest in increased security measures as we work to create a more vibrant and active environment by reprogramming the retail and restaurant mix that will serve the Kansas City community,” he said.
In addition to those improvements, new owners HP Village Management will also work to make changes to the mixture of tenants in the shopping center.
"What we’re going to try to do in Kansas City is take it back to the local food and beverage scene, which they got away from and went to a lot of chains. We’re going to look at that. People would drive an hour...two hours from their small towns. This is where they do their shopping. But when you have a lot of the restaurants the previous owner put in there...driving from Omaha to Kansas City, you’d pass five of six of them. That didn’t make it that unique when you got there."
In Dallas, the company is known for its ownership of the Highland Park Village Shopping Center.
Kansas City leaders are celebrating the ownership change - and promising to work with the company to revitalize the shopping center.
“I am thrilled to work with new Plaza owners, HP Village Management and its partners, to ensure visitors will see a restored and improved Country Club Plaza, delivering thriving, world-class shopping opportunities, with more housing and office options, expanded local and luxury retail and dining experiences, and a Plaza neighborhood that’s safe for all,” said Mayor Quinton Lucas.
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