Port Authority, KC Current announce $800 million development plan at Berkley Riverfront
The Port Authority of Kansas City and the Kansas City Current said Monday they will develop about 10 acres of land next to Berkley Riverfront park into a “high-density, diverse and walkable neighborhood” over the next decade.
The $800 million plan will bring office, retail and about 1,000 multi-family residential units to the riverfront area, where construction is already underway to build the NWSL team’s 11,000-seat stadium.
In a news release, Port KC said the expansion will “see a beer garden added to the park with construction starting this fall.” That growth also includes the KC Streetcar extension, which is slated in 2025 to run from the River Market to the riverfront park.
Port KC CEO Jon Stephens called the announcement Monday the “latest milestone” for Berkley Riverfront.
“A vision to see this once-forgotten and scarred piece of land turn into a vibrant blend of commerce, work, and recreation inviting to all. Now that dream, which has been years in the making, is coming to fruition,” Stephens said in a statement. “We have been very deliberate in our process to design and build this gem in the middle of Kansas City and we appreciate the partners who share our excitement about Berkley Riverfront’s future.”
On Monday, the board overseeing the port authority took the first step to award incentives toward the developer.
The agency will provide property tax and sales tax exemptions on construction materials and divert revenues from a special sales tax to help offset the cost of infrastructure improvements.
The project will also receive ongoing property tax breaks from the port. Office and retail developments will receive a 15-year tax abatement varying from 70% to 30%. Apartment developments will receive a 10-year tax abatement from 95% to 90%.
The Star’s Kevin Hardy contributed to this story.
This story was originally published July 18, 2023 at 11:58 AM.
