Kansas City Sparks Change with Revitalization Efforts Along Troost Avenue
Kansas City is buzzing with excitement as public and private partnerships team up to breathe new life into some of the area’s most distressed neighborhoods. One corridor that is seeing a remarkable transformation is Troost Avenue, a street that has long served as a dividing line in the community—historically influenced by Jim Crow laws that enforced segregation. Thanks to innovative funding initiatives, the vision for change is becoming a beautiful reality.
Innovative Funding Aids Transformation
At the heart of the revitalization is a powerful tool known as the New Markets Tax Credit (NMTC) program. Established in 2000, this program is designed to steer much-needed investment into low-income communities. The NMTC program allows community development entities to apply for tax credits, which they then sell to investors. This approach generates funds that are crucial for financing various community projects, paving the way for economic growth and development.
What’s exciting about this initiative is how much it is helping the Troost Avenue corridor. With investments totaling around $40 million along a stretch from 24th to 37th Streets, local organizations are making a meaningful impact. Ruben Alonso, CEO of AltCap, described the situation brilliantly, saying, “The work along Troost is a great example of our commitment to drive more investments on the East Side of Kansas City where you have a disproportionate amount of poverty and distress.”
Success Stories Along Troost
Numerous projects have sprung from the NMTC program, changing lives and revitalizing the community. For example, the 2017 renovation of Operation Breakthrough at 3039 & 3036 Troost Ave utilized approximately $11 million in NMTCs to enhance early childhood services. This expansion allows more children to receive the education and support they desperately need.
Fast forward to 2022, and we see similar success with Reconciliation Services, which renovated its building at 3101 Troost Ave with the help of $10.5 million in NMTCs. This development provides safe gathering spaces, affordable food access, and a variety of workshops and programs aimed at empowering individuals in need.
New Beginnings for Local Businesses
But it doesn’t stop there! These revitalization efforts have opened the door for other investments along the corridor. For instance, the former Wonder Bread bakery has been transformed into Wonder Lofts, which offers 86 market-rate apartments and 35,000 square feet of commercial space. This kind of development is crucial for bringing more businesses and residents to the area.
Bill Carson, a senior business development officer at U.S. Bancorp Impact Finance, stressed the flexibility of NMTCs. He noted that these credits help fill the financial gaps for projects that might otherwise struggle to secure traditional funding. “We’ve seen these used for federally qualified health centers, early-childhood centers, charter schools, manufacturing businesses, and even grocery stores,” said Carson. His organization has already committed over $500 million to various projects in the Kansas City area over the last 35 years, making a lasting impact on the community.
Fostering a Sense of Community
The transformation along Troost Avenue is not just about buildings and investments; it’s about the people. Alonso highlighted how the changes have fostered a sense of pride and belonging in the community. “You start to create some critical mass there, in terms of the number of businesses, and hope to make that area more attractive to additional investment,” he mentioned. With new shops and eateries like Ruby Jean’s Juicery cropping up, residents are starting to feel more hopeful about their neighborhood.
A Collaborative Future Ahead
As we look toward the future, it’s clear that these collaborative efforts are paving the way for a stronger, more vibrant Kansas City. With the commitment of local organizations, innovative funding programs, and a community that’s ready for change, Troost Avenue is transforming from a historical divider into a thriving hub of opportunity. It’s incredibly encouraging to witness this journey, reminding us that when communities come together, amazing things can happen.
