Investors who earlier this year acquired a 119-year-old historic building in Kansas City’s Quality Hill neighborhood hope to begin a $9.8 million multifamily conversion by the summer.

Exact 802 LLC — which includes Exact Architects, Select Sites LLC and MR Capital Advisors — proposes 39 loft-style apartments and 4,453 square feet of commercial space in the eight-story Carnival Building at 800-802 Broadway.

The group paid $2.58 million for the historic property in late June. It now is scheduled to appear before the city’s Land Clearance for Redevelopment Authority to request a 10-year, 75% property tax abatement in connection with lower rent levels proposed for the new residences.

For 802 Broadway Lofts, Exact 802 LLC envisions 12 studios, averaging 450 square feet; 21 one-bedrooms, around 575 square feet; and six two-bedrooms, at approximately 950 square feet.

On the commercial side, the 802 Broadway Lofts are proposed with a 3,149-square-foot lounge or restaurant on the building’s lower level, plus two commercial suites at 625 and 679 square feet on its ground floor. The project will lease parking from other nearby properties.