The Kansas City Council on Thursday gave the green light to hefty subsidies to make the Two Light luxury apartment tower a reality in downtown’s Power & Light District.
“This is an investment,” Councilman Jim Glover said of the project, which will join the One Light tower already under construction. “We’re receiving money back. We’re bringing people to downtown that wouldn’t live there otherwise.”
The Cordish Companies expects to invest more than $88 million for the 24-story, 300-unit apartment tower that will be built along Truman Road between Walnut Street and Grand Boulevard.
But the city also will contribute an estimated $17 million in cash, plus tax abatement, to assist with the high-rise construction and a parking garage. Proponents note that high-rise construction is far more expensive than low-rise.