Kansas City’s Newest Apartment Project: 303 Broadway
Exciting news is unfolding in Kansas City, as local developers George Birt and Taylor McKee are looking to kick off construction on the much-anticipated 303 Broadway apartment project in the thriving River Market neighborhood. After nearly a year of waiting and some adjustments to the plan, it seems this project is finally on the move!
A Quick Look Back
Originally, the 303 Broadway complex was introduced a while back with ambitious plans for 88 units spread over nine stories. However, like many projects, it has seen its fair share of changes since those initial proposals. The most recent updates are that the project has trimmed down the size, now targeting 59 apartments in seven stories instead. All of this comes after receiving city approvals in May 2023 and an update in November during a Port KC meeting.
New Plans in the Works
As it stands, the 303 Broadway project will occupy a half-acre lot that previously housed the Atlas Cab Company’s warehouse. The total development cost has also seen a decrease, going from a hefty $29.5 million to a more manageable $22.1 million. A past version of this project from 2021 included 76 apartments, making this new iteration quite an evolution!
Tax Structure and Benefits
What’s really noteworthy about this project is its approach to taxes. Unlike many new developments in the area, 303 Broadway isn’t seeking any property tax exemptions. Instead, the project will utilize a sales tax exemption specifically for construction materials through bonds authorized by the Port Authority of Kansas City. This means that the developers will pay back the community in the form of property taxes. In fact, they’ll pay an estimated $174,317 in the first year alone, with total payments projected to reach nearly $3 million over the next 15 years. Just to put this into context, the lot currently generates around $3,770 in annual taxes.
Location, Location, Location
The 303 Broadway apartments will sit conveniently just east of the new Buck O’Neil Bridge, which is expected to wrap up its construction by the end of this year. The previous Buck O’Neil Bridge, which stood for many years, was taken down not too far from this new site. This prime location is sure to attract many future residents looking to enjoy both the amenities of the River Market and the ease of access provided by the new bridge.
Looking Ahead
According to the plans put forth by Port KC, we can anticipate the bonds for the 303 Broadway project to be finalized soon, along with development and incentive compliance agreements. If all goes well, construction could kick off in early 2025 and wrap up by the end of 2027.
For those keeping an eye on Kansas City’s growing landscape, the arrival of the 303 Broadway apartments is just one of the many developments that promise to enhance this vibrant community. With the ongoing transformation of the River Market and an active focus on providing new housing opportunities, this latest project adds to the ongoing story of a city that’s constantly evolving and expanding.
Stay tuned as this project progresses; it’s shaping up to be an exciting chapter in the fabric of Kansas City living!
