Kansas City Plans Major Apartment Developments Along Streetcar Corridor
The vibrant city of Kansas City is set to welcome a surge of new apartment developments that are poised to enhance the local housing market significantly. On Monday, the board of the Port Authority of Kansas City, also known as Port KC, took an exciting step forward by approving plans to issue bonds that will help finance three distinct apartment projects along the Main Street streetcar corridor. These developments promise to bring more than 400 new housing units to the area, and many will be close to public transportation, offering residents a convenient urban lifestyle.
A Glimpse at the Projects
First on the list is the transformation of the historic Aladdin Hotel, which will be converted into a stunning high-rise apartment building. This majestic 16-story hotel, known for its ornate stone facade and once recognized as the tallest building in Kansas City, will offer 122 new units. The Aladdin, located at 1215 Wyandotte Street, was built back in 1925 and is listed on the National Register of Historic Places, which adds a touch of charm to its future residents. The development will feature 107 one-bedroom units, 14 studio apartments, and one two-bedroom unit. In an effort to provide housing accessibility, 14 of these units will be classified as affordable housing, with maximum rents set at $1,083. Construction is slated to kick off in 2025, with completion expected in 2027. Port KC will provide up to $6.086 million in property tax exemptions over a 25-year period to support this project.
Next up, the Streetcar Lofts project promises to replace underutilized land and parking lots along East 31st Street. The development plan includes constructing five five-story buildings that will house a total of 240 units: 55 studios, 135 one-bedroom apartments, and 50 two-bedroom residences. Developers Sunflower Development Group, who have previously worked on various successful multi-family housing projects within the city, will oversee this development. They’re also making a noteworthy impact by contributing $750,000 to the Kansas City Housing Trust Fund, which is anticipated to help create 55 units of affordable housing. The anticipated start of construction is in 2025, with an estimated completion date in 2027. For this project, Port KC is set to offer up to $9.37 million in property tax exemptions over a 20-year span.
Another Gem: 303 Broadway Apartments
The third project involves a new seven-story apartment building known as the 303 Broadway Apartments, which will be built to replace a rundown warehouse at the corner of 4th Street and Broadway Avenue. This building is expected to accommodate 59 units and will contribute to revitalizing the River Market area. The development team, comprising George Birt and Taylor McKee, has an impressive track record in multi-family housing projects, and they are excited to add this project to their portfolio. An interesting detail is that Port KC will exempt sales taxes for construction materials, further supporting the development. Groundbreaking for the 303 Broadway Apartments is also expected to commence in 2025, with the project set to wrap up in 2027.
Looking Ahead
The influx of new apartments along the Kansas City streetcar corridor signals an exciting time for both current and prospective residents. These developments not only enhance the range of housing options available but also promote easy access to vital amenities and public transportation. As Kansas City continues to grow and evolve, these three projects will play a significant role in shaping its future. Whether you’re looking for a trendy downtown apartment or a cozy space in a historic building, the upcoming housing options seem promising and inviting!
Stay tuned for more updates as construction begins and the city embarks on this new chapter toward improving its housing landscape!
