A public financing request by Mac Properties for its planned $100 million mixed-use southwest of Armour Boulevard and Main Street has fallen short — again.
The Kansas City Area Transportation Authority’s board last week sided with a cadre of Midtown residents in voting against an expression of intent to give the Chicago developer a 15-year, 75% property tax exemption for its 1 W. Armour plan.
Mac’s project entails 300 apartments and 25,000 square feet of retail and restaurant in two new midrise buildings, plus a U.S. Bank branch renovation, throughout most of a full block.
In January, Mac’s 1 W. Armour plan secured City Council approval, as officials praised its transit-oriented design elements.
The proceedings involved little pushback over affordability, neighborhood character or living conditions at Mac’s existing communities — all concerns that came to the forefront a year earlier during the developer’s unsuccessful bid for $10.5 million in surplus tax increment financing revenue that the city instead redirected into its Housing Trust Fund.
But those concerns resurfaced with renewed vigor after the public learned that Mac would seek incentives through KCATA’s Sustaining Transportation and Reinvesting Together (START) program, even though the builder had checked “no” when asked, “Are tax incentives requested?” in its October plan submission to the city.
Read more in the Kansas City Business Journal.