By Kevin Collison
Two years after first being proposed, the developer of a former power substation building at 2645 Madison near the Boulevard Brewery has been approved for tax incentives to convert it into a six-unit apartment project.
The Planned Industrial Expansion Authority approved a development contract last week that includes a 10-year, 100 percent property tax abatement for what’s called the Madison Lofts development.
Maximillian Howell of Entrepreneurs Enterprises originally had wanted to convert the former KC Power & Light substation built in 1920 into a 10-unit apartment building, but told the PIEA board that neighborhood opposition pushed him to downsize his plan.
“The neighborhood didn’t want anything more than six units,” he said, “there were concerns about traffic.”
The century-old brick building has been vacant and dilapidated for many years.
Howell’s plan is to renovate it into market-rate apartments ranging from 700 square-foot, one-bedroom units to 1,300 square-foot two-bedroom apartments. Monthly rents would range from $900- to $1,900.
Howell said he would like to begin construction as soon as possible and the project would take about seven months to complete.
About 840 square-feet on the first level would be available for commercial space.
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