By Kevin Collison
A development that converted a former newspaper warehouse at 1721 Walnut St. into 38 market-rate apartments is off to a fast start, leasing a dozen units barely a week after its opening.
The Terrace on Walnut project was ready for showing “just under the wire” for last weekend’s Urban Homes Tour, said Katie Redmon, the leasing agent.
The project was completed by Linden Street Partners, the same firm that did 1914 Main, a new, 44-unit apartment building that opened in March 2016. That project was recently recognized by the local chapter of the American Institute of Architects.
Andrew Ganahl, a Linden Street partner, said 1914 Main was completely leased in six months and the Terrace on Walnut project is leasing quickly as well.
It opened for occupancy a week ago, and eight of the 12 tenants already signed up had moved in by last weekend.
The Terrace on Walnut project was a hybrid of new and old construction. The brick building had been used by The Kansas City Star as a warehouse for newsprint. The developers added two-floors to the original two-story building for their $7.9 million project.
“We love the Crossroads, it’s such a walkable neighborhood,” Ganahl said. “We also love Walnut Street, it’s quiet and residential and one block off the streetcar.”
Rents for a 612- to 709 square-foot studio unit range from $1,225- to $1,300, units; 551- to 1,327 square-foot one-bedroom units range from $1,195 to $1,795, and 1,005- to 1,084 two-bedroom units go for $1,695 to $1,775.
Amenities include a rooftop deck and fitness room. Parking is available at a surface lot across Walnut for $85 per month. Units on the upper two floors have balconies.
“We’re finding that apartments in the $1,200 range go fast,” Ganahl said. They’re big enough, in the 600ish square-foot, but with the walkable neighborhood here, people don’t spend that much time at home.”