By Kevin Collison
Another big apartment project is in the works for Troost Avenue near Hospital Hill, a 248-unit development at the southeast corner of 25th Street that would take up an entire city block.
The $40 million development planned by GSSW Real Estate Investments of Dallas was endorsed by the City Plan Commission Tuesday.
“It’s an exciting project,” said Babette Macy, chairwoman of the Plan Commission.
The development calls for 10 buildings ranging from three- to six stories occupying the block between Troost and Forest, from 25th to 26th streets. The developer hopes to break ground in March with an opening in mid-2020.
“It’s a great site proximate to downtown and in a great area,” said Ian Degalan of GSSW.
The developer will be seeking tax incentives from the Land Clearance for Redevelopment Authority to help finance the project.
If approved, the GSSW development will be the latest in a series of residential projects either completed or in the works that will add almost 1,000 apartments along an eight-block stretch of Troost from 27th Street to Armour Boulevard.
On top of that private residential boom, UMKC recently completed its Hospital Hill apartment project at 25th Street that accommodates 243 students.
Much of the new residential development has been sparked by the increased employment and academic growth at the Hospital Hill medical complex. An estimated 13,000 people now work or attend UMKC’s healthcare colleges in the area.
The project planned by GSSW has 58 studio units; 114 one-bedroom, and 76 two-bedrooms. Mostly rent for a studio is $800; a one-bedroom, $1,125, and a two-bedroom, $1,250.
The project also will include 218 parking spaces concentrated in the center of the development.
The tallest building is planned for the corner of 25th and Troost and also will include ground floor commercial space for a coffee shop. The designer is DRAW architects.
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Downtown has the highest apartment vacancy rate in the metro area. Next recession These developers are totally going broke.
The statistics you’re regurgitating are skewed.
Newly constructed units haven’t been on the market long enough to be absorbed. Downtown multifamily market is healthy.
How many low income apartments have been designated in this development? If i read this correctly, there are zero, yet our taxes are supposed to be used to finance it, No, thanks
Editor’s note: As is the case with most development incentives, the current taxes on what’s now a vacant property will continue to be paid. A portion of the future additional tax revenues the project would generate would be used to subsidize its construction.
So, is that a “no” on any apartments designated for low income? And why should a private development be subsidized?
Not saying ‘no’ to designating for low-income. The city can certainly require developers to set aside a percentage of units designated as affordable. And it’s been a longstanding policy to provide tax incentives to attract development to where it hasn’t been happening, particularly in blighted areas. This property is currently a vacant lot, and there hasn’t been pure private investment there, I’m willing to bet, since before World War II.
I would be opposed to the city subsidizing this huge project without a significant portion being very affordable rent. Houses selling for over 500k in that area. Tax incentives should be used elsewhere.
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