In what may be the first new downtown project directly attributed to the planned streetcar, a Colorado developer is proposing to replace a parking lot with a five-story apartment building in the Crossroads Arts District.
Scott Richardson, managing partner for Linden Street Partners of Boulder, has an option to purchase a lot at 1914 Main St. just north of the Regier Hotel. His plan is to build a 45- to 50-unit apartment building with first floor retail and restaurant space next year.
Richardson was straightforward about what’s motivating his company, which has built more than 1,000 apartments, mostly in Southern California, to be interested in downtown Kansas City.
“The streetcar is the big thing that drew us, absolutely,” he said. “We like the demographics and the economic trends. I walked the area and liked the site.”
Yes, infill and a new outside developer (to KC market) interested in building new buildings. This is a big step for downtown momentum...
“We’re big believers in markets away from the coast,” Richardson said. “We’re looking a what we consider big-league cities, not Chicago or Houston, but places like Denver, Kansas City and Cincinnati, particularly with momentum to transit-oriented development.”
earthling wrote:Yes, infill and a new outside developer (to KC market) interested in building new buildings. This is a big step for downtown momentum...
I said this elsewhere but it's not that it's an outside developer (i.e. could be one from Wichita or Columbia) but one from Southern California. That's a big deal for KC.
LCRA = tax abatement. Up to 10 years 100% abatement on any improvement. The City typically requires rezoning to UR when any incentive is used (TIF, PIEA, LCRA, etc.)
