KANSAS CITY, Mo. -- An aging apartment complex on the Country Club Plaza may soon be replaced by a four-star hotel.
Kansas City-based Block Real Estate Services and the Hyatt want to turn 'Victory Court' apartments into a 12-story hotel and office building with underground parking. The Hyatt would feature 225 rooms, a fifth story terrace overlooking the Plaza, a restaurant and more than two floors of office space at an $80 million price tag.
The developers are asking for tax-increment financing assistance for the project. Tax-increment financing allows "future real property taxes and other taxes generated by new development" to pay for the cost of construction. The proposal was made Wednesday to the Kansas City Tax Increment Financing Commission.
Steve Block, a principal at Block Real Estate Services said the project would be a tremendous asset to the Plaza and would draw in more visitors and office workers, giving the Plaza an economic boost. He said no hard plans have been drawn up and that the project is in the very initial stages. Block said they respect the Plaza and the neighbors near the proposed site, adding they will take into consideration the feedback they receive.