Downtown Lee’s Summit Designated a Federal “Opportunity Zone”
Downtown Lee’s Summit has a new tool to help businesses grow, bring new life to existing buildings, and attract private investment. The area has been designated a federal Opportunity Zone through the Opportunity Zones 2.0 program, effective Jan. 1, 2027.
The designation covers Census Tract 137.06 in downtown Lee’s Summit and will remain in place through Dec. 31, 2036.
Following the City’s nomination efforts, the Missouri Department of Economic Development selected the tract for federal consideration, and the U.S. Department of the Treasury approved it in early November. Downtown Lee’s Summit is among 131 approved census tracts nominated across Missouri out of 523 eligible tracts.
What This Means for Downtown
Opportunity Zones offer federal tax incentives to encourage long-term private investment in designated areas. Investors participate through Qualified Opportunity Funds, which can invest in eligible local businesses and real estate projects.
For downtown Lee’s Summit, that could mean more opportunities to:
The designation does not provide direct grant funding. Instead, it gives qualifying investors a financial incentive to put their money to work in the community. The 10-year designation gives property owners, businesses, and developers time to explore projects and plan long-term investments.
A Community Effort
The City appreciates the collaboration with the Lee’s Summit Economic Development Council and Downtown Lee’s Summit Main Street, and the Lee's Summit Chamber of Commerce along with the City Council’s support of the nomination.
Learn More
For more information, visit the DED’s Opportunity Zones webpage and read the Press Release from the Office of Governor Mike Kehoe.
Property owners, business owners, and prospective investors interested in opportunities within the designated area should contact the Lee’s Summit Economic Development Council at info@leesummit.org or (816) 525-6617.
Photo: Census Tract 137.06, outlined in red