Objective
Denoted Zone 1, Zone 2 and Zone 3 in the above image, University of Missouri leadership intends to explore development of university lands that are either nonessential to the mission and/or have the potential of generating significant funding for the university.
The University will prioritize projects that generate meaningful revenue for the University, either through upfront funds or over time through ongoing payments, serve as a year-round commercial hub for all members of the University and the community, and enhance the game day experience within the MU Athletics Sports Complex.
Highlighted Opportunities
- Hotel and/or Entertainment District
- Mixed-use Development (e.g., retail, housing, restaurants, etc.)
- Housing (e.g., market, student, condos, etc.)
Phased Approach
- Initial Phase – Request for Information from Commercial Developers
- Later Phase(s) – Request for Proposals from Commercial Developers or direct discussions
Market Opportunity
By prioritizing opportunities that serve as year-round commercial assets, while enhancing the game day experience within the MU Athletics Sports Complex, the intent is to pursue development that is beneficial to all members of the community.
The initiative will explore all appropriate opportunities for development including ‘public private partnership’ and long-term lease arrangements for mixed-use development, housing and other viable projects.
No direction is set in stone, and the University will consider all viable options after soliciting information from commercial developers.
National Trends
This pursuit is consistent with what is taking place across the country at both the collegiate and professional levels.
In a recent article, the WSJ called the Atlanta Braves “the envy of the rest of the sport” for their Battery Atlanta complex, while David Demarest with national real estate firm Jones Lang Lasalle was quoted as saying “the days of a sporting venue sitting in a sea of surface parking are over.” We believe these statements to be true and are exploring what can be possible within our market.
Press Releases
July 17: Press Release – University of Missouri concludes Request for Information process, prepares for direct discussions and formal proposal process for commercial development
Associated Activity – Opportunity Zone Application
Four economically distressed census tracts which include University properties under consideration for private development were submitted to the Missouri Department of Economic Development for potential Opportunity Zone designation. Sites included in the RFI and Discovery Ridge Research Park are within the tracts submitted for consideration.
Opportunity Zones (OZs) are federally designated, economically distressed census tracts that attract private investment through capital-gains tax incentives. Investors who reinvest their gains into Qualified Opportunity Funds (QOFs), which finance businesses, housing, or infrastructure within designated zones, can reduce and defer capital-gains taxes and eliminate taxes on new appreciation if they hold the investment long enough.
The goal is to channel long-term capital into communities that have the potential for growth but struggle to access traditional financing.
To learn more about this program, visit the Missouri Department of Economic Development website.
Project Leadership
A working group comprised of Board Chair Todd Graves, Curator John Raines, Athletics Director Laird Veatch, General Counsel Mark Menghini and Executive Vice President and CFO Ryan Rapp will lead this important initiative. The group will oversee each stage of the project including project coordination and planning, proposal solicitation, developer selection, Board of Curators engagement and project execution.