Kansas City, Missouri – A developer from Kansas City is currently working to gain support for a project that aims to convert the Plaza Corporate Centre office building into residential apartments. Block RE has proposed turning this seven-story building, situated at the northeast corner of W. 47th Street and Madison Avenue, into 119 market-rate apartments. The ground floor of the building would continue to house retail businesses.
Additionally, the plan includes demolishing the existing parking garage on the north side of the building and constructing a new parking garage with 476 spaces. This new structure would also include 202 additional market-rate apartments and an area dedicated to tenant amenities. Port KC, the authority reviewing this project, will discuss it at their Wednesday meeting to consider offering development assistance.
Port KC staff have suggested that the Board of Commissions pass a resolution indicating Port KC’s willingness to issue up to $150 million in conduit bonds to support the project. They are also considering providing a real property tax exemption for 25 years, which would decrease gradually: 85% exemption for the first 10 years, 80% for the next five years, 75% for the following five years, and no exemption for the final five years.
The same Wednesday meeting will also look at a proposal for a new residential building at the northwest corner of the same intersection. Block RE’s plan here involves constructing a 19-story multi-family residential tower with 279 units and 419 parking spaces, along with various amenities. This project, named “The Madison,” would receive similar tax exemptions as the Plaza Corporate Centre redevelopment.
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Port KC staff are also supportive of a proposal to issue up to $203 million in conduit bonds for this additional project.
