SomeraRoad Inc. secured a public financing framework that will support 13 new-build and historic renovation projects in a $526.7 million “live-work-play” redevelopment it plans to carry out in Kansas City’s West Bottoms over the next 15 years.
The city’s Planned Industrial Expansion Authority on Thursday voted 10-2 to approve $64.3 million in incentives for the New York developer to build 1,102 apartments, 40 hotel rooms, 137,923 square feet of retail space and 122,794 square feet of office space over more than 17 acres in the central West Bottoms.
“We are excited to take this important step in continuing a transformative public/private partnership with the City of Kansas City,” said Andrew Donchez, a principal at SomeraRoad, in a statement after the PIEA’s vote.
“The PIEA’s investment in the revitalization of the West Bottoms through supporting the creation of much needed housing, historic preservation, infrastructure, safety improvements and public spaces will be a catalyst for job creation, economic development and future growth.”
Much of Thursday’s discussion among PIEA members centered on SomeraRoad’s public financing needs.
The developer said its request was based on the West Bottoms’ unproven market for new and adaptive reuse projects, as well as costs to remediate blight within historic buildings. Some buildings are at the “tipping point” of being salvageable, Donchez said.
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