tax abatement | KCUR

tax abatement

3D Development

A $95 million redevelopment plan for the former Kansas City Star property that includes renovating the historic structure and building a boutique grocery store and marketplace above a 500-space underground garage has cleared its first hurdles at City Hall.

The full Kansas City Council on Thursday approved an ambitious plan from developer Vincent Bryant, who told a council committee Wednesday morning that he wanted to make the former Star campus the economic center of the Crossroads area.

Pedersen Development

A Colorado developer is planning a $37 million Hyatt House Hotel on a vacant lot at Ninth and Broadway, and in a major departure, the project would be built without parking.

Scott Pedersen of Boulder-based Pedersen Development said guests staying at the proposed 13-story, 153-room hotel would be served with valet parking.

The reason?

“Kansas City parking garage utilization runs at 56 percent occupancy at noon and drops to 26 percent at 5 p.m. Overnight, it’s 13 percent,” Pedersen said.

Burns and McDonnell

Copaken Brooks is proposing a 14-story apartment tower on the southwest corner of 18th and Walnut, a striking addition to the skyline that would replace a crumbling Crossroads parking lot with 132 residences.

The $40- to $50 million project would be the second residential tower developed by the firm in the Crossroads Arts District. The other is the 12-story ARTerra project going up at 2100 Wyandotte.

It’s also a half-block north of the firm’s Corrigan Station office development at 19th and Walnut.

Kevin Collison / KCUR 89.3

The developer of the One Light and Two Light luxury high rises in downtown Kansas City, Missouri, will get tax breaks to build a third luxury apartment tower, Three Light, at 14th and Main streets.

On Thursday, the Kansas City Council in an 8 to 4 vote authorized a 100 percent tax abatement for 23 years to Cordish. 

Lisa Rodriguez / KCUR 89.3

Another member of the Kansas City Council has entered the crowded race for mayor in 2019. 

Councilwoman Alissia Canady, who represents the city’s 5th district, announced her mayoral bid in front of family and religious leaders Tuesday morning at Ilus Davis Park, just north of Kansas City, Missouri, city hall.  

Canady said she looks up to Ilus Davis, who was Kansas City mayor from 1963 to 1971.

“Mayor Davis … used his position both as mayor and lawyer to uplift Kansas Citians with diverse backgrounds, so I’m not alone in this undertaking,” Canady said.

Brent Flanders / Flickr--CC

Kansas lawmakers, increasingly skeptical that tax breaks deliver economic wins, looked closely this week at economic incentive programs.

Senators on the Commerce Committee spent several days discussing bills that would add new requirements to sales tax revenue bonds, known as STAR bonds.

STAR bonds allow local governments to borrow money for a building project, and tax collections created by the development are diverted to pay off the loans.

Sunflower Development Group

An old Kansas City Public Schools building that’s been sitting empty since 2010 will be soon be repurposed into affordable housing for seniors.

Sunflower Development Group broke ground Monday on the Blenheim school site at Gregory and Prospect. Director of Development Mark Moberly says old schools can easily be converted into residential housing because they’re already subdivided into classrooms. Sunflower has already completed one KCPS renovation, the Faxon School Apartments.

Courtesy Block Real Estate Services

Construction on the first multi-tenant office tower to go up in the Country Club Plaza in more than a decade is expected to begin this summer following approval of final incentives.

The 14-story 46 Penn Centre project is planned for 46th Terrace and Pennsylvania Avenue just north of the Seventh Church of Christ, Scientist by Block Real Estate Services.

Foutch Brothers, LLC

An ambitious $30 million plan to convert the Kemper Arena into a bustling center for amateur athletics won support for tax incentives Thursday from a public development agency.

The Planned Industrial Expansion Authority approved a 12-year property tax abatement for the redevelopment project of the arena in the West Bottoms being pursued by Foutch Brothers. The PIEA also authorized up to $24 million in revenue bonds for the project.