Developers Pursuing Affordable Housing Projects on Riverfront
Published October 14th, 2020 at 12:15 PM
Two developers are proposing separate projects that would add 166 affordable apartments along the riverfront and are seeking state low income housing tax credits to help finance their plans, according to a Port KC report released Tuesday.
The developers, who were not identified, plan to submit their low income housing tax credit applications to the Missouri Housing Development Corp. by the end of the month. The agency recently restored funding to the LHTC program after a three-year hiatus.
Joe Perry, development vice president for Port KC, reported that both of the proposed affordable housing projects would be located along the planned extension of the streetcar to Berkley Riverfront Park.
He described one project would not only include 45 affordable apartments, but a 5,000 square-foot space devoted to a vocational training program with “a goal of breaking the cycle of poverty for at-risk individuals and impoverished families.”
The other project was described as a 121-unit affordable housing development with on-site parking.
Perry said the affordable apartment project which includes the job-training program is seeking a 9 percent LHTC designation from the housing commission. The larger development is pursuing a 4 percent LHTC approval.
He added the fact the developers are pursuing help from separate LHTC programs improves their prospects of being awarded the tax credits.
In additional residential news, Perry reported Port KC also is in discussions with another developer for a market-rate apartment project on property the authority controls along the riverfront just east of the Union apartments.
A recent aerial view of the Northpoint Development’s $60 million CORE apartment project being built on the riverfront. (Image from Port KC)
The site had been considered for a large apartment development that would have included two, 10-story buildings, but the developer, who was not identified by Port KC, dropped that plan last summer.
He also said that Northpoint Development has completed much of the site work for its 353-unit CORE apartment development now being built on the riverfront including building underground storm water facilities.
Another potential apartment project, this one immediately west of the City Market on what’s now a parking lot at Fifth and Main, is seeking requests for proposals from developers, Perry reported.
The request for proposals includes a requirement the project reserve some units for affordable housing and maintain the public parking available to City Market patrons. Responses are expected in early November.
In addition, Port KC is continuing discussions with two local groups interested in building an outdoor food and beverage facility at Berkley Park along with a venue for outdoor music. The plan calls for the facilities to be leased from Port KC.
Perry also said Port KC is working with Bar K bar and dog park on a potential expansion of its indoor facilities.