Price Development Group Plans $30 Million Apartment Project
- Jul 01, 2011
The Regus Group is one of the largest providers of workplace solutions in the world with more than 1,100 Business Centers across 500 cities in 85 countries. They have opened their sixth office suite in the Kansas City-area on Kansas City’s Country Club Plaza at 35 Nichols Road. The office complex will have 41 suites, will be fully equipped and will include shared administrative support, meeting rooms and videoconferencing.
According to regional vice president Jeff Doughman, for Kansas City Business Journal, the high demand of the city’s market led them to expand to this location. The company will remain on the prowl for additional opportunities to expand in the Kansas City market. The increasing mobility of the work force—and the drive to reduce overhead spending and increase productivity—are just some of the elements that are making their business thrive in Kansas City, highlighted by Doughman for the same source.
While Highwoods Properties is battling with the 14,000 petitioners of Save Our Plaza Group to maintain the Kansas City Council’s rezoning approval for their proposed office building on the site of the Neptune Apartments, 333 W. 46th Terrace, Price Development Group is planning the biggest apartment project of the area’s past decade. According to The Kansas City Star, the local developer is trying to obtain rezoning approval from City Hall for a $30 million plan north of 46th Street.
Monte Wendler of Price Development, for the same source, affirms that bearing in mind the Plaza is still a large employer in Kansas City and that most former rental properties are now condominiums, there’s a solid market for rental housing in the area. The 2.8-acre project site is zoned for medium-density residential use, permitting only up to 78 apartments in a three-story high building. The developer is seeking rezoning approval for a four-story building that will be made up of 188 apartment units with a 322-space parking garage. This project is estimated to yield $250,000 annually in additional property tax revenues as the developer has not requested any tax incentives.