A former paper warehouse of The Kansas City Star in the 1700 block of Walnut Street will become 38 apartments under a plan presented Thursday for tax abatement consideration.
Kansas City’s Planned Industrial Expansion Authority approved a property tax abatement request by Denver-based Linden Street Partners LLC to renovate the existing structure and add two more floors of residential units.
Developer Andrew Ganahl described an $8 million project that involves acquiring the three-story warehouse and adding two floors to reach what he said is the necessary density to make the plan viable.
He said the company wants to acquire the property by December, start construction next spring and be ready for tenant occupancy in early 2017. The plan calls for mostly one-bedroom units averaging 750 square feet and renting for between $1,250 and $1,350 a month, depending on market rates at the time.
The authority board approved a 95 percent property tax abatement on the development’s added value in the first 10 years and a 50 percent abatement for years 11 through 23. The deal also calls for the developer to replace the existing tax base and remit payments in lieu of taxes of $4,000 a year for the first 10 years.
The design will include significant exterior renovation to replace the current brick and industrial window facade with larger windows, Ganahl said. The street level will be for retail tenants.
Linden Street Partners already is building a five-story apartment building on a former parking lot at 1914 Main St. That project previously obtained public assistance through Kansas City’s Land Clearance for Redevelopment Authority.