Hallmark Signs Letter of Intent with Milhaus Development

Five acres to be sold and developed for mixed-use

Nov 19, 2015, 12:00 ET from Hallmark Cards, Inc.

KANSAS CITY, Mo., Nov. 19, 2015 /PRNewswire/ -- Hallmark Cards, Inc. has signed a letter of intent to sell approximately five acres of land to Indianapolis-based real estate developer Milhaus. The land is adjacent to Hallmark's corporate headquarters and lies on either side of McGee between 27th Street on the north, 27th Terrace on the south, and Gillham on the east.

The five acres are located within the Crown Center district and currently serve primarily as surface parking areas for employees, vendors and guests of Hallmark Cards. Milhaus will be working with UC-B Properties, a local developer that has been building in Kansas City's urban core neighborhoods for over 10 years. Milhaus and UC-B intend to build and manage 425 residential units and some commercial spaces on the land. All plans are contingent on Milhaus receiving necessary zoning, plan and other approvals from the Kansas City City Council. Once approved, construction is anticipated to begin by mid-year 2016.

"We are delighted that the mixed-use project proposed by Milhaus and UC-B Properties for this property is consistent with the vision of Crown Center's own development plan," said Bill Lucas, Hallmark Executive Vice President - Real Estate. "Milhaus has a proven track record in real estate development, construction and management. Their plans represent another step in completing the vision for Crown Center and will bring additional residents and visitors to this already dynamic portion of the city."

"We appreciate the trust that Hallmark has given us in allowing Milhaus and UC-B Properties to create a unique residential, mixed use development that will stitch together Crown Center, Union Hill, and the surrounding neighborhoods," said Jeremy Stephenson, Milhaus' President of Development and Construction.

Going forward, Milhaus will have an option to purchase an additional 3.7 acres of land immediately south of this property, Lucas added.

About Hallmark Cards, Inc.
Hallmark makes the world a more caring place by helping people express what's in their hearts and connect in emotional ways with others. In the U.S., innovative Hallmark greeting cards and gifts are sold through leading mass retailers, the network of Hallmark Gold Crown® specialty stores and online. Worldwide, Hallmark offers products in more than 30 languages available in 100 countries. Millions of households enjoy family friendly television programming offered by cable's top-rated Hallmark Channel and fast-growing Hallmark Movies & Mysteries. Hallmark's Crayola subsidiary inspires artistic creativity in children through Crayola® crayons and markers as well as other innovative art tools, crafting activities and creative toys. Privately held Hallmark is based in Kansas City, Mo., and continues to be led by members of the founding Hall family. Visit http://corporate.hallmark.com for more details. Connect at Hallmark.com, and on Facebook, Twitter, Instagram and Pinterest.

About Crown Center
Located on the southern edge of downtown Kansas City, Missouri, Crown Center offers fine hotels, entertainment, dining, shopping, offices and residential living. Home to the international headquarters of Hallmark Cards, Inc., the complex attracts more than six million annual visitors. Visit www.crowncenter.com for more information.

About Milhaus
Milhaus is a team of inspired and industrious individuals, headquartered in Indianapolis, operating from Pennsylvania to Oklahoma, and from Wisconsin to Tennessee. They deliver solutions for neighborhoods that positively impact urban environments by working with cities to provide unparalleled expertise in real estate investments, development, construction and management. Milhaus has built a reputation for implementing complex projects in urban infill and mixed-use environments that are catalyst for neighborhood redevelopment. Ultimately, they develop high-quality projects that are financially responsible, withstand the passage of time, improve peoples' lives and transform communities. For more information, visit www.milhaus.com or follow us on Facebook or Twitter

 

SOURCE Hallmark Cards, Inc.



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