The Kansas City Council on Thursday approved rezoning and a development plan to convert the eight-story MGE Building at 3420 Broadway into 101 upscale apartments.
Councilman Scott Taylor said the project faces a part of Broadway that could use more foot traffic and vibrancy.
“This is an exciting midtown project,” said Taylor, chairman of the council’s planning, zoning and economic development committee.
The conversion of the office building to high-end residential is the first phase of a four-phase development that is ultimately envisioned to bring about 500 residents to the block.
The entire development would transform the existing MGE Building and surrounding five acres into seven new residential and mixed-use buildings with 235 multifamily units and 18,000 square feet of commercial space.
The entire project is estimated to cost between $47 million and $57 million, according to Panorama City, Calif., developer Joseph Kashani with MGE Capital LLC. The architect is Dennis Bradley, principal with B&A Architecture in Kansas City.
But the project still requires tax abatement approval, which the developer will request soon from the Planned Industrial Expansion Authority. The development also needs some public infrastructure improvements that would be funded through the Public Improvements Advisory Committee approval process.
The MGE lease on the Broadway building has ended, and Kashani hopes construction to remodel it can begin early next year. The entire complex would take several years to complete.