What Drake Development does

Drake Development is a full-service commercial real estate development firm founded in 2017 and headquartered in Overland Park, Kansas. The company specializes in mixed-use developments targeting mid-sized communities that lack dense, walkable, live-work-play environments, structuring projects primarily through public-private partnerships with municipalities across the Kansas City metro and broader Midwest (Kansas, Missouri, New Mexico, Nebraska, Oklahoma, Arkansas). Its service offering spans the full development lifecycle — site selection, master land planning, design and development, ownership and acquisition, leasing, construction management, and investment sales — with sub-brands Drake Living and Drake Multifamily formalizing the residential and multifamily verticals.

The firm's revenue model combines development and construction management fees, long-term ownership of select developed properties for rental income, and transaction-based investment sales upon project stabilization. Notable active or delivered projects include Streets of West Pryor ($200M, 70+ acres, 504 multifamily units in Lee's Summit, MO), Merriam Grand Station ($140M, 14 acres, 361 units in Merriam, KS), Belton Gateway ($120M power center), Wheatfield Village ($93M, 350,000 SF in Topeka), the Jack Henry redevelopment ($70M on Country Club Plaza), Wild Horse ($60M, 179-acre residential community), Vanguard Villas ($30M, 83 units), and Cocina 47 (Country Club Plaza). The portfolio aggregates roughly 1,440+ multifamily units and over 1.3 million square feet of commercial space.

Drake targets three primary customer segments: mid-sized municipalities seeking P3 partners for catalytic development, national retailers and restaurant chains seeking expansion sites in Midwest growth markets, and real estate investors participating via syndicated equity. Key tenant relationships include Starbucks, Shake Shack, Hobby Lobby, Ross, Petco, Academy Sports, Topgolf, B&B Theatres, Marriott, Hawaiian Bros, Texas Roadhouse, and Blue Cross Blue Shield of Kansas City. The company is privately held and founder-led by CEO Matt Pennington and Managing Partner Tara Smiley, with a 15-person team drawing on combined 40+ years of institutional real estate experience.

Name

Drake Development

Legal name

Drake Development LLC

Website

https://drakekc.com

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

1–10 employees

Short description

Drake Development is a Kansas City-area commercial real estate developer that delivers mixed-use projects through public-private partnerships for mid-sized Midwest communities, serving municipalities, national tenants, and equity investors across the full development lifecycle.

Ownership category

akta.pro rank

Headquarters

HQ city

Overland Park

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Supply Chain, Marketing or Sales, Infrastructure

Revenue model

1. Development Services: Full-service commercial real estate development encompassing site selection, acquisition, site planning, leasing, construction management, and investment sales. Revenue generated through development fees, construction oversight, and project delivery.
2. Property Ownership: Long-term ownership of developed facilities. Revenue generated through rental income from owned properties including multifamily units, retail, and commercial spaces.
3. Investment Sales: Sale of developed properties to investors upon completion. Revenue from property disposition and investment sales.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels6 records

Core offering

Drake Development is a full-service commercial real estate development firm that handles all phases of the development process including site selection, acquisition, site planning, leasing, construction management, and investment sales. The company specializes in mixed-use developments combining retail, residential, hospitality, and entertainment for mid-sized communities through public-private partnerships. Revenue is generated through development fees, long-term property ownership and rental income, and investment sales upon project completion.

Product overview

Drake Development is a full-service commercial real estate development company offering a comprehensive suite of services including Mixed-Use Development, Master Land Planning, Site Selection, Design & Development, and Ownership & Acquisition. Their portfolio spans multiple project types: large-scale mixed-use communities (Streets of West Pryor, Merriam Grand Station, Wheatfield Village, Cocina 47), residential developments (Vanguard Villas, Wild Horse), retail/power centers (Belton Gateway), and entertainment/historic redevelopment projects (Jack Henry). The company specializes in serving mid-sized communities through public-private partnerships, focusing on creating live, work, and play environments.

Differentiator

Problem solved

Functional benefit

Brands

• Drake Living: Residential/multifamily development division of Drake Development, led by J.D. Christie as Managing Director of Drake Living.
• Drake Multifamily

Products and services

• Mixed-Use Development Full-service mixed-use development service for mid-sized communities, focusing on live, work, and play environments with public-private partnerships.
• Master Land Planning Comprehensive land use and infrastructure planning that achieves project goals while aligning with local community growth objectives and policies.
• Site Selection Strategic site acquisition using a low-profile approach to ensure clients secure the right site at the right price while maintaining anonymity.
• Design & Development Collaborative design and development of retail and mixed-use properties working with trusted partners and retailers to meet evolving consumer needs.
• Ownership & Acquisition Long-term partnership model with flexibility to own developed facilities, including acquisition of existing properties for redevelopment or new ground-up development.
• Streets of West Pryor 70+ acre mixed-use community with 600,000 SF of development including residential units, retail, restaurants, and entertainment. Total project cost: $200,000,000.
• Merriam Grand Station 14 acre mixed-use community with 300,000 SF including Grand Station Lofts (361 units), full-service restaurants, and civic activity space. Total project cost: $140,000,000.
• Wheatfield Village 13+ acre mixed-use community with 350,000 SF including B&B Theatres, apartments, Marriott hotel, restaurants. Total project cost: $93,000,000.
• Jack Henry Redevelopment of iconic Jack Henry building on Country Club Plaza with 64,000 SF for entertainment tenants including Puttery and Chiefs Fit. Total project cost: $70,000,000.
• Belton Gateway 70+ acre power center with Academy Sports, Hobby Lobby, Ross, and Petco. Total project cost: $120,000,000.
• Vanguard Villas 100,000 SF residential property with 83 units. Total project cost: $30,000,000.
• Wild Horse 179-acre planned residential community. Total project cost: $60,000,000.
• Cocina 47 Three-story mixed-use development on the Plaza near 47th Street, replacing The Seventh Church of Christ, Scientist building, with multiple restaurants anticipated to open before 2026 FIFA World Cup.

Quantifiable outcome

• Over $1 Billion in development projects completed by CEO
• +3 more outcomes

Named customers29 records

Segments5 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered core and preferred.

• Mid-Sized Communities (Municipalities)coreStrategic or Co-development PartnerDrake Development has extensive experience partnering with mid-sized communities to develop the infrastructure necessary to support first-class, mixed-use developments. Public-private partnerships are critical to making mixed-use projects economically feasible in these markets.
• Brinkmann ConstructorspreferredImplementation/ SI/ Consulting PartnerConstruction management partner used for project delivery. Drew Larkins joined Drake from Brinkmann Constructors, indicating an established working relationship.

Scale indicators10 records

Recent moves6 records

Expansion highlights5 records

Market position

Competitive moat5 records

Key risks5 records

Customer concentration

• Xx.com/drakedev_llc
• YouTubeyoutube.com/@drakedevelopment8659
• Facebookfacebook.com/profile.php?id=100085394897716
• LinkedInlinkedin.com/company/drake-development-llc
• Instagraminstagram.com/drakedevelopment

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Drake Development