River Market West, a $16 million development planned for 228 W. Fourth St., is expected to break ground next month and be open by early fall 2014.
The 137-unit project planned by developers George Birt and Taylor McKee was approved for a 15-year, 75 percent property tax abatement Monday morning by the Planned Industrial Expansion Authority. It also has been recommended for $2 million in housing assistance from the city, but that must be approved by Kansas City Council.
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Birt said the five-story development, which will have 112 one-bedroom and 25 two-bedroom units, will provide the kind of new construction living space desired by the city. Most of the apartments and lofts that have opened downtown are in renovated historic buildings and lack outdoor balconies.
The Council approved a $10 million bond two years ago to stimulate more downtown housing, $8 million is going toward a 23-story apartment building planned by the Cordish Co. Work on that 250-unit tower at 13th and Walnut is expected to begin later this year.
The River Market West building planned by Birt and McKee is located west of the Populous office building in the River Market and would use parking in the approximately 400-space garage built for that project. Birt said leasing discussions are ongoing for the 150 spaces being sought for apartment dwellers in the Populous garage.
Rents in the new building would range from $1,100 for a one-bedroom unit to $1,800 for a two-bedroom. Amenities include a pool, outdoor kitchen area and outdoor decks or balconies for each apartment.
Charles Renner of Husch Blackwell is the attorney representing the developers.