NorthPoint Development plans apartments in Lee’s Summit and Village West
04/15/2014 5:07 PM
04/15/2014 5:07 PM
NorthPoint Development is planning two apartment projects totaling more than 600 units on opposite sides of the area, one in Lee’s Summit, the other in Village West in western Wyandotte County.
The Riverside firm has emerged since its start in 2008 to become a local development powerhouse. It recently completed a 306-unit apartment development in Village West and is launching a second, $35 million project nearby that will add 306 apartments to the area.
Mark Pomerenke, vice president of operations, said the first Village West apartment project leased 120 units in its first 75 days, a demand he attributed in part to the recent opening of a Cerner office campus nearby that is expected to eventually employ 4,000 people.
“We always felt the market was there for another 600 units,” Pomerenke said.
Construction is expected to begin on the Village West complex this summer and be completed in about a year. About two-thirds of the market rate apartments will be one-bedroom units, the rest two-bedroom units. The average monthly rent will be $1,150.
The development’s amenities will include a fitness center, a racquetball court, a pool and upscale finishes including granite countertops.
The $35 million Lee’s Summit project, called Residences at New Longview, is planned for Kessler Drive and Longview Road near the New Longview retail center. It will be split evenly between one- and two-bedroom apartments, with the average monthly rent $1,200.
Amenities include a resort-style club, a saltwater pool and concierge service. Construction is expected to begin by the end of this month, with completion in fall 2015.
“Lee’s Summit has been overlooked by the recent multifamily boom,” Pomerenke said. “New Longview is a nice mixed-use development on the cusp of taking off. It’s a walkable environment with good access to highways.”
NorthPoint also recently announced it is pursuing a $60 million redevelopment plan for the historic Kansas City Power & Light skyscraper in downtown Kansas City. That proposal includes renovating the 36-story tower into luxury apartments and building a 465-space garage next door that would be wrapped with 50 more new apartments facing the street.
In addition to its residential projects, the firm founded by Nathaniel Hagedorn has been developing industrial projects in the area, including Horizons Business Park in Riverside and Kansas City Logistics Park at the BNSF Railway intermodal center in Edgerton.
In addition to the two new apartment projects, Hagedorn said his firm is developing an industrial park called Kaw Point Industrial Park off Fairfax Trafficway in Kansas City, Kan.
The latest plan is separate from an 80-acre industrial development called Central Industrial Park being pursued by NorthPoint on the site of the old General Motors Fairfax plant, which was demolished in 1987. That project calls for up to 1 million square feet of industrial space to be built in four or five projects valued at $40 million.
The Kaw Point Industrial Park development calls for demolishing six buildings on the site and building distribution centers there. Hagedorn said his firm plans to break ground by this fall on a 350,000-square-foot speculative distribution center at the site. It’s expected to be completed by late spring 2015.