Cordish Companies will Add Two Residential Developments to the Power & Light District
- Jun 22, 2012
The developer of the Power & Light District, Baltimore-based Cordish Companies, is planning to add two residential projects to the mix, which will represent a $70 million investment, The Kansas City Star reports.
Located in the heart of downtown Kansas City, with more than a half million square feet of dining, shopping and entertainment venues, the Power & Light District could see the rise of the highest residential building ever built from ground up in downtown Kansas City.
The plan calls for the development of a 250-unit tower at the northwest corner of 13th and Walnut streets. The 23-story (approximately 230 feet) tower, designed by Humphreys & Partners Architects will offer direct access to the Jones—a rooftop swimming pool and club on the adjoining garage.
Redevelopment of the Midland office building, which has been empty for over 12 years, is also part of the plan. The Cordish project aims to renovate the 12-story tower, situated on the northeast corner of 13th street and Baltimore Avenue, into 68 apartments.
According to the original development agreement with the city, Cordish received a $6 million cash subsidy for the residential component of the project. Approximately $3 million of that sum has been spent to prepare the foundation for a high-rise at the site, but that project and a subsequent proposal for a 35-story hotel and condo development crumbled mainly due to the recession.
The new development agreement, if approved by the Kansas City Council, will include an $8 million cash subsidy and a 50 percent property tax break over 25 years. The $8 million subsidy will include the balance of $3 million from the original development agreement and the remainder will come from a $10 million bond issue approved by the city council last year to support more downtown residential development.
If the development agreement is approved by the Kansas City Council, the two projects will break ground in the first half of 2013. The renovated 68-unit Midland building is scheduled to be completed by the end of 2013, while the new 23-story One Power & Light Tower is planned to be finalized in 2015.
Rendering Courtesy of: www.humphreys.com