Retail Is Dead: Prairiefire Confronts EPIC Bond Payment Default

Even in the sweet bosom of Johnson County prosperity . . . It's getting harder to make a buck from old school strip malls . . . Even the fancy ones. 

To wit . . . 

PRAIRIEFIRE BURNED UP TONS OF CASH BEFORE THIS INEVITABLE BOND BUST!!!

This is a big deal because if developers can't make a buck in JoCo then KCMO fortunes are even more attainable . . . Long story short: Even crowded and seemingly successful developments are having trouble making a profit as the American economy now seems to be running off nothing more than debt and quickly printed money . . . Check-it:

"Bondholders recently were notified that Prairiefire missed the Dec. 15 maturity date for $14.9 million in sales tax revenue (STAR) bonds, the balance of a $15 million tranche. That tranche was the first of three Overland Park issued in 2012, totaling $65 million, to build the 56-acre retail and entertainment complex south of 135th Street, between Lamar and Nall avenues."

Read more via www.TonysKansasCity.com link . . .

Overland Park development defaults on bonds meant to help attract commerce to Kansas - Kansas City Business Journal

Concerns among Kansas lawmakers that the Prairiefire development would default on outstanding STAR bonds have borne out, as the Overland Park project this month missed the maturity date for its first tranche of debt.