A St. Louis developer has hundreds of new Kansas City apartments in different stages amid its expansion into the local multifamily market.
The Planning Commission last Tuesday gave Lux Living unanimous final plan approval to build a seven-story apartment complex with 254 units and 2,598 square feet of ground-floor commercial space on Berkley Riverfront’s Parcel 12B.
Earlier this year, Lux sought a 25-year property tax exemption for its $55 million project through the Port Authority of Kansas City, but a vote failed in May after one commissioner withdrew his procedural consent, citing significant public pushback.
The apartments’ advancement without the incentive means that $12.6 million in projected future tax revenue will not be diverted from affected taxing jurisdictions over those 25 years.
It also means Lux no longer is required to include affordable housing units under the city’s set-aside policy. Originally, 25 units apiece were planned for renters making 70% and 30% of the area’s median family income.
Separately, city planners are scheduled Oct. 4 to review an urban redevelopment rezoning request for a different Lux Living proposal: the Freight House Village apartments, which the builder will complete as a partner in 3D Development’s Freight House Development District.