For years, a stately building at 30th and Troost baked and delivered bread for Wonder Bread and Campbell Baking Co. before that in midtown Kansas City.
By next year, construction is expected to commence on what’s referred to as the Wonder Bread building to turn it into 86 apartments and ground-level commercial development that could include a brewery, a coffee shop and a barber shop.
For Denver developer Ilan Salzberg and his local business partner, architect Caleb Buland, their $15 million plan for the Wonder Bread building conversion is one part of their plans on that Midtown block of Troost.
The Planned Industrial Expansion Authority on Thursday approved a tax abatement to assist with the redevelopment of the Wonder Bread building.
The PIEA plan abates 100 percent of the property taxes for the first 10 years, followed by a 7-year, 43 percent abatement. The abatement plan was the product of negotiations between the developers and Kansas City Public Schools, which has its new administrative headquarters building nearby.
Salzberg and Buland, who together are partners in Exact Partners, have about $3 million in equity in the project, with the rest of the financing coming from state and federal historic tax credits and a first mortgage.
The apartments will include 61 one-bedroom apartments and 25 two-bedroom units. Rent rates will range from $860 to $1,100, or roughly $1 per square foot.
On the first floor, Exact Partners plans to build out about 15,000 square feet of retail space. Among the tenants Salzberg wants to land is a brewery, perhaps one from Denver’s beer-rich environment.
Construction on the project, which Salzberg is calling simply “Wonder,” will start early next year with a planned opening of spring 2018.
On Monday, Salzberg expects to complete the acquisition of the Flavor Trade building at 30th and Troost. Currently, Shannon Kimball operates a commercial kitchen out of the 6,000-square-foot building. Salzberg wants to keep Kimball’s kitchen there, but also build out additional retail space in the building.