Hunt Midwest has completed purchase of a 2.5-acre site on the southeast corner of 80th and Marty streets that will change the look of downtown Overland Park.
The company said Tuesday that it intends to begin site preparation in July on a 219-unit luxury apartment complex, The Vue, which will include 10,000 square feet of retail shops on the ground floor and an attached 324-space parking garage.
Plans call for a mix of one- and two-bedroom apartments in a five-story building, with completion targeted for 2018.
The Overland Park City Council in 2015 approved a community improvement district for The Vue, which will impose an additional one-cent tax on retail sales within the project, effective July 1, 2018.
The council also approved $17.5 million in revenue bonds for the developer to obtain a sales tax exemption on construction materials and furnishings, fixtures and equipment.
The project, proposed in 2015 with a $39 million price tag, now is identified as a $49 million development. Brenner Holland, Hunt Midwest’s vice president, said added amenities, higher-end finishings and higher costs for labor and materials contributed to the cost increase.
Hoefer Wysocki is designing the project. McPherson Contractors is the builder. Other project team members are Smith & Boucher, Bob D. Campbell & Co., Land 3 Studio and Olsson Associates.
Holland said The Vue’s “high visibility location” will help revitalize downtown Overland Park and bring several hundred new residents to the location.
Hunt Midwest recently provided equity and construction management for a similar luxury apartment complex, Mission 106, a 139-unit project in Leawood’s Mission Farms development at 106th Street and Mission Road.
Amenities planned for The Vue include an outdoor pool, a cyber cafe, a fitness center and a clubhouse. Retail tenants have yet to be identified.
The Vue is joining at least three other nearby apartment projects under construction or in the planning stage.
Avenue 80 is under construction on the southeast corner of 80th and Metcalf, the InterUrban Lofts are being built at 79th and Conser, and the Market Lofts are planned for the northwest corner of 80th and Marty.