Kansas City Welcomes New Luxury Apartment Tower: Four Light
Exciting news is stirring in Kansas City as the Cordish Companies have officially kicked off plans for their latest luxury high-rise, aptly named Four Light. This ambitious project is set to transform a currently underutilized parking lot into a stunning 24-story tower that will offer 293 upscale apartments. If all goes according to plan, residents will soon be calling this fabulous addition home!
What’s in Store for Future Residents
The Four Light tower promises to be more than just a place to live; it’s designed to enrich the lives of its residents with luxury and convenience in mind. The building will feature 16 floors dedicated to high-end apartments boasting top-notch amenities. To enhance the living experience even further, the developers are planning a spectacular amenity level on the 22nd floor. There, residents can enjoy two outdoor decks for leisure and socializing, in addition to ground-floor retail options below.
Moreover, the project includes a modern seven-level parking garage with spaces for 463 vehicles, ensuring that parking will never be a hassle for residents and visitors alike.
A Thriving Community Space
In addition to the residential aspect, the Four Light plans also introduce a two-story, 12,624-square-foot retail-restaurant building located at the northwest corner of Truman Road and Main Street. This mix of commercial space is expected to enhance the vibrancy of the neighborhood, providing residents with convenient access to dining and shopping right at their doorstep.
The Numbers Behind the Project
So, what’s the investment behind this impressive project? Cordish’s plans for Four Light come with a whopping price tag of approximately $156 million. The funding will be a mix of $17 million in cash subsidies for parking from the city, approximately $23.7 million in equity, and about $115.2 million in debt. The financial framework has been carefully laid out, with careful negotiations taking place to ensure mutual benefits.
Support from City Leaders
City Manager Brian Platt and Councilman Crispin Rea have publicly expressed their support for the Four Light project, highlighting the positive changes that KC Live has fostered in the downtown district over the past two decades. Their enthusiasm reflects a broader sentiment within the community that is eager to see new residents and visitors flock to the heart of Kansas City to experience urban living at its finest.
Incentives and Abatements
As part of a previously established agreement for the “Light” towers, Cordish is aiming for some significant incentives to help realize this development. Among these, a full property tax abatement for 25 years, cash subsidies for parking spots totaling around $17.1 million, and a sales tax exemption on construction materials are included. As a trade-off, Cordish has committed to making payments in lieu of taxes totaling at least $5.625 million during the abatement period, ensuring that local jurisdictions still benefit.
Looking Ahead
As the plans for the Four Light tower move forward, a construction timeline is still being finalized. However, the estimated construction period is projected to span around 26 to 28 months once it begins. With New York-based Beyer Blinder Belle taking the reins on the architectural design, this project promises to bring a fresh and stylish flair to downtown Kansas City.
Your Future Home Awaits
The potential arrival of the Four Light tower signifies more than just new buildings; it represents a burgeoning community eager to embrace growth and luxurious urban living. Kansas City is undeniably on an exciting path, and we can’t wait to see how this project unfolds in the months and years to come!
