Another Apartment Project Adding to Troost Revival
Published September 3rd, 2020 at 12:15 PM
By Kevin Collison
Another new apartment project is in the works for a key stretch of Troost Avenue that’s already seen several major new residential investments the past couple years, this one at the southwest corner 27th Street.
A development group led by Caleb Buland of Exact Architects is planning a 26-unit, $4 million apartment project at that corner and also has plans to develop a commercial building on property it owns at the southeast corner of the intersection.
Both development sites are currently vacant lots.
Buland developed the historic Wonder Bread building at 30th and Troost into the Wonder Shops + Flats project last year. Combine, a new restaurant, is opening at Wonder soon.
The developer is enthusiastic about the revival well underway in the area.
“We like it because the neighborhood is pretty sustainable already,” Buland said. “We’re trying to do a project where every tenant has an outdoor garden space, bike storage and access to Ride KC.”
He described the three-story apartment building as a green project that could use up to one-half less energy than similar developments.
The project will feature triple paned windows, balconies for outdoor areas and plants, sustainably sourced materials, and the next generation of energy saving systems.
Wonder Shops + Lofts occupies the former Wonder Bread bakery at 30th and Troost. It opened in early 2019.
The units will be roughly half studio and half one-bedroom with monthly rents starting at about $775 and going up to about $1,000.
The planned development is across 27th Street from the 186-unit Marcato apartment project opened in 2019 by Milhaus, an Indianapolis developer.
It’s also two blocks from the 249-unit 2501 Beacon Hill project at 25th and Troost which began accepting residents last month. In addition, several buildings in the historic commercial stretch of Troost between 31st street and Linwood are being redeveloped.
In addition to Buland, other members of the development team are Denver investor Ilan Salzberg, Bob Mayer of MR Capital Advisors and Eric Shafran.
Buland said construction of the apartment project is expected to begin next spring.
As for the commercial building planned on the other corner of the intersection, Buland said it’s expected to be about a 15,000 square-foot building.
They are currently searching for a catalyst tenant and are talking to banks, professional services groups and a medical services provider about joining the project.