After delays, Three Light luxury apartments set to begin construction in downtown KC
Another luxury apartment tower will soon rise up in downtown Kansas City.
The Cordish Companies has announced it plans to begin construction on Three Light at the corner of Truman Road and Main Street next month. The 26-story, 288-unit building is expected to be completed by May 2023. It will include 19 floors of studio, one-bedroom, two-bedroom and penthouse apartments and a seven-story garage with 472 parking spaces.
Construction was originally supposed to commence in 2019, but the company said it took a “brief pause” on the project because of the pandemic.
The project begins construction as many tenants have seen declining rents in downtown Kansas City — the polar opposite of the frenzied market for purchasing homes. But Baltimore-based Cordish says its nearby One Light and Two Light buildings have stayed 95% occupied through the pandemic.
In addition to the $140 million Three Light building, Cordish will soon begin renovating the historic Midland office building into 139 apartments.
“We are extremely excited to commence construction on Three Light and The Midland Lofts and bring two cranes to the Power & Light District, a sign of new growth and energy downtown following an incredibly challenging year,” Nick Benjamin, executive director of the Power & Light District and managing director of multifamily development for Cordish, said in a news release.
The Midland Lofts, which will be connected directly to the Midland Theater, are expected to open in late 2022.
That building will include studio and one-bedroom floor plans that are being marketed as affordable. Pricing for The Midland Lofts units will begin at $700 a month. Cordish says those will be affordable for renters making 80% of the area median income. The census reports a median household income of about $70,000 for people in the Kansas City metro.
“We are extremely excited to be introducing so many apartment units to the Power & Light District that are priced below $1,000 per month,” Emelyna Aurich, director of property management for Cordish Living, said in a news release, “and we firmly believe The Midland Lofts can be a catalyst for the development of more moderately priced apartment units downtown — both growing our density and making the community more affordable.”
Cordish did not say what it will charge for rents at Three Light.
The company says the tower will boast more than 30,000 square feet of amenities “that will rival any apartment or condo building anywhere in the United States. Those include a deck overlooking 14th Street, an infinity pool, bar, demonstration kitchen and theater room. Three Light will also connect to Two Light with a sky bridge over Walnut Street that will allow residents of both buildings to share amenities. Three Light will also include 7,600 square feet of first-floor retail space.
In 2018, the Kansas City Council approved a 25-year, 100% property tax abatement on the luxury apartment building. Cordish agreed to make some payments in lieu of taxes to Kansas City Public Schools, libraries and mental health programs — all of which depend on property tax revenue.
The council also agreed to spend $17.5 million to pay for Three Light’s parking garage, a controversial arrangement that city officials agreed to in exchange for the company’s commitment to building apartments for low and moderate income tenants at the Midland building.
