Price Development Group, a firm active in developing apartments in the urban core, has purchased the old Colonial Court apartments near the Country Club Plaza with an eye towards redeveloping the prominent location with a new residential project.
Monte Wendler of Price Development said his firm purchased the 17-building Colonial Court complex at the southwest corner of 46th and Jefferson streets from the Mulhern family. The aging brick apartments were built in 1946 and Wendler said the site, which is only a block north of the Plaza, is ideal for redevelopment.
“This was a terrific opportunity to acquire a premier location within the Country Club Plaza of about 2 1/2 acres,” he said. “It’s a terrific piece of land, we don’t have a use yet and we’ll be working on that over the next several months.”
About a quarter of the 82 apartments are currently uninhabitable, and Wendler said the remaining units are mostly occupied. Tenants will be allowed to continue living there on short-term leases until a redevelopment plan is determined.
Price Development already is developing a 177-unit luxury apartment project, 46 Penn, nearby at 46th Street and Pennsylvania Avenue. Construction of that $30 million project is underway.
Price Brothers, an affiliated firm, also recently purchased the nearby Neptune Apartments at 333 W. 46th Terr. and renovated that 96-unit building. And Price Development recently completed a 71-unit apartment project at 39th Street andState Line
Road by University of Kansas Medical Center.
This is not the first time in recent years the redevelopment of the Colonial Court property has been contemplated.
In 2003, Sherrill Mulhern, the former owner, proposed demolishing the apartments and replacing them with a contemporary apartment project. That plan was eligible for Chapter 53 tax incentives, a 100 percent property tax abatement for 10 years and a 50 percent abatement for 15 years.
Five years ago, a Denver developer received approval for a $123 million project on the site that included a nine-story senior apartment building and a 12-story hotel. While that 46 Summit project failed to move forward, the highrise zoning remains intact for the Colonial Court property.
Mulhern said her sale of the property to Price Development also includes the existing Chapter 53 redevelopment plan for multi-family residences. The price of the Colonial Court property was not disclosed. RED Brokerage handled the transaction.