Those projects are the tip of the iceberg. At least seven more high-rise proposals are in predevelopment, as builders look to capitalize on growing residential allure in the urban core — now home to 32,276 people and counting.
Values also are expected to skyrocket from surrounding projects, such as the $217.2 million South Loop Link park.
These are the projects shaping the new Kansas City skyline.
Lux Living, of St. Louis, in May got the City Council’s plan approval to build a 27-story high-rise with 300 apartments — mostly high-end units, with 60 designated affordable studios — and 200 hotel rooms northeast of 14th and Wyandotte streets.
The nearly $200 million project would replace an acre of surface parking and rubble from a former garage.
The plan is moving through incentive approvals. The city’s Land Clearance for Redevelopment Authority in August approved a 17-year property tax abatement and sales tax exemption on construction materials. The Tax Increment Financing Commission is scheduled to consider a redirection of the hotel’s local economic activity taxes in November.
Baltimore’s The Cordish Cos. plans its next luxury “Light” apartment building on a 0.81-acre parking lot that wraps around B&B Theatres’ downtown location in an L-shape northwest of Main Street and Truman Road.
Historically, the leasing pace at Cordish’s newest residential tower has determined when the next one starts to advance. More than half of Three Light’s 288 units were leased when the building opened in September.
The Power & Light District’s development terms call for parking garage incentives at up to six future Cordish projects — or Four Light, plus two more projects beyond what is built.
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