By Kevin Collison
Only six months after its opening, the River Market’s latest apartment development, 531 Grand, is already 72 percent leased with its studio units completely gone.
The 185-unit development is the first to be built in downtown by Omaha-based Cornerstone Associates.
CEO Larry Mazzotta is so pleased, his firm is considering doing another couple projects downtown. The co-developer was Block Real Estate Services.
“We knew we wanted to build in downtown Kansas City and we really liked the River Market district,” Mazzotta said.
“They’ve done a terrific job leasing. Our first units didn’t open until December and we’re very happy with how fast this has leased up.”
Construction on the $37 million project, which occupies a prominent corner where Grand Boulevard enters the River Market at Fifth Street, began in June 2016.
A few smaller infrastructure projects remain to be completed, but at this point 108 of the apartments are already occupied.
It’s most distinguished feature is a large outdoor patio with a panoramic view of downtown that features a big infinity pool, spa, private cabanas and fire pits.
Inside, there’s a spacious, well-furnished resident clubhouse with community kitchen and other amenities. There’s also a large fitness center.
“It’s the best looking project in the River Market,” Mazzotta said.
There are 45 studio units ranging from 495- to 509 square-feet with monthly rents from $904- to $997, all are rented and occupied.
The development has 98 one-bedroom apartments ranging from 742- to 969 square-feet, rents from $1,304- to $1,629.
Nine larger one-bedroom units with dens range from 846- to 1,065 square-feet with rents from $1,470- to $1,827 all have been leased.
There are 29 two-bedrooms ranging from 1,124- to 1,309 square feet, rents from $1,845- to $2,141. Four larger two-bedrooms with dens all are rented and occupied. A 1,721 square-foot, two-bedroom penthouse unit on the corner that rents for $3,250 also is leased.
The development is managed by Beacon Management. Residents also have concierge service.
Mazzotta said his firm is considering two other downtown residential projects, one geared toward affordable housing, but said it was too early to discuss details.
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