Exciting New Apartment Development Coming to Kansas City
Kansas City is buzzing with exciting news as the Port Authority of Kansas City, also known as Port KC, gears up to support Sunflower Development Group in their ambitious project, the Streetcar Lofts. This new complex is set to add a much-needed 240 apartments to the area, and it is all happening right in time for the forthcoming streetcar extension!
A Look at the Project
So, what does the Streetcar Lofts entail? Well, imagine a modern row of five buildings, reaching five to six stories high, nestled exactly where the underused Kansas City PBS parking lots currently sit. With a convenient location stretching along a 0.2-mile segment on the north side of 31st Street, this development starts just off Main Street and wraps up near McGee Street.
Now, let’s dive into the specifics! The new complex will feature 55 studios, 135 one-bedroom apartments, and 50 two-bedroom options. While none of the apartments will be designated as affordable housing, the development will contribute a generous $750,000 to the city’s Housing Trust Fund. This can potentially help create around 55 affordable units for renters who earn up to 60% of the area’s median family income.
Costs and Financial Incentives
Buckle up; here comes the numbers! The projected cost for this entire project is around $75 million, which has seen an increase from an earlier estimate of $50 million by Sunflower. To make this initiative happen, Port KC has proposed a tiered financial incentive package. They are looking to provide a 25-year property tax exemption and a sales tax exemption on materials used in construction.
The property tax exemption will start at a whopping 85% for the first five years, gradually decreasing to 50% between the 16th and 20th years, ultimately reaching 0% in the final five years. Don’t worry; this structured plan ensures Sunflower can anticipate their tax obligations as they move forward with building.
Community Impact
According to Jon Stephens, the CEO of Port KC, this project is a fantastic way to turn around currently underutilized properties. The Streetcar Lofts aim not just to offer housing, but they also support the larger community by contributing to the streetcar’s expansion through payments to a transportation development district.
However, there are some concerns from the local Kansas City Public Schools. They raised points in an email about the pace at which the project is moving through approvals and have suggested a thorough third-party financial analysis of the incentives being requested. They are also hoping for a lower starting exemption rate of 75%.
What’s Next?
For those eagerly following the developments, mark your calendars! The City Plan Commission is slated to review the Streetcar Lofts plan, along with a necessary rezoning request, on November 20. Prior to the review, Sunflower took time to engage with Union Hill neighbors, holding a well-attended information session where over 50 local residents participated. Topics of discussion included impacts on on-street parking and the implications of the proposed zoning changes on design standards.
The timeline for this project is looking promising. If all goes well, the goal is to close bonds and finalize development agreements by spring. Construction may very well begin next year, aiming for completion by 2027. What an exciting addition this will be to Kansas City!
