(Updated May 7: The developer of the planned Tracks 215 apartment deal lost his national partner this week but did obtain local tax incentives in his quest to build the $52.4 million project in the Freight House District.
Vince Bryant of 3-D development told the Planned Industrial Expansion Authority board today that Greystar, a major national apartment developer, dropped out as his partner in the project earlier this week after two years of discussions.
“They (Greystar) could not get it financed,” Bryant said.
“We’ve been in discussions with two other residential developers so we expect to replace Greystar within the next month or two with a new residential partner.”
After substantial debate, the PIEA board approved a 15-year property tax abatement for the plan, 10 years at 75 percent and five years at 37.5 percent.
Taxing jurisdictions are expected to receive $2.3 million in revenue over the life of the abatement. The property, now a surface parking lot, currently generates about $20,000 annually in tax revenues.
The Tracks 215 project calls for five levels of apartments above a three-level garage. The development plan calls for 10 percent of the units to be set aside as affordable with monthly rents about $1,050.
Bryant also told the board he is considering another 170-unit apartment project on the east side of the larger Freight House Development District already approved by the PIEA, but provided no additional details or timetable.)
By Kevin Collison
The developer of the proposed Tracks 215 apartment project in the Freight House District has reduced its scope in response to changing market conditions.
When it was first proposed almost year ago, the project being pursued by Vincent Bryant of 3D Development called for 250 apartments atop a 400-space garage on what’s now a parking lot west of the Freight House building.
it’s now been scaled back to 150 apartments atop a 300-space garage, Bryant told the City Council this week. The estimated development cost has dropped from $103.7 million to $68.6 million.
The developer told Council members he is continuing to work with Greystar, a major national apartment developer, as a partner on the project.
In addition to the proposed Tracks 215 project, there are several other recently completed or apartment projects being built in the Crossroads Arts District totaling 1,100 units. They include Crossroads Westside, ARTerra, REVERB, City Club and Artistry KC.
The City Council already has approved an agreement that allows tax incentives generated from the existing 22nd & Main TIF Plan to help finance the garage for the Tracks 215 development.
Bryant utilized that TIF plan a few years ago to help redevelop the historic Candle Building at 2101 Broadway and the historic Creamery Building at 2100 Central.
The garage proposed for the Tracks 215 project would replace the 150 surface spaces lost by the development and currently used by business tenants, and add another 150 spaces for apartment residents.
The developer plans to seek a 15-year property tax abatement from the Planned Industrial Expansion Authority next month to help finance the apartment side of the project.
The request is expected to meet current city guidelines, 10 years at 75 percent and five years at 37.5 percent.
Bryant told the Council members that even with the abatement, property taxes paid on the parking lot would increase from the current $22,000 per year to $93,000 annually.
If the Tracks 215 project obtains the necessary approvals and financing, a construction start is expected later this year with completion in late 2021.
3D Development also is pursuing a much larger redevelopment plan for the Freight House District encompassing existing buildings and lots in an 11.6 acre area on the north side of the railroad tracks.
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