Published November 22nd, 2021 at 12:30 PM2 minute read
By Kevin Collison
Mac Properties has tweaked it’s big mixed-use project proposed for Main and Armour, slightly reducing its size and incentive request in response to discussions with the neighborhood and taxing jurisdictions.
The development first reported by CityScene KC in August, calls for renovating the US Bank office building at Main and Armour, and the New Yorker apartments at 3521 Baltimore, and the construction of two apartment towers and two smaller apartment buildings.
The revised plan calls for reducing the number of apartments in the development from 425 to 385, increasing parking from 187 spaces to 193, and reducing the commercial space planned from 45,000 square feet to 40,000.
The investment estimate is now $100 million.
The developer also has reduced its incentive request.
The property tax abatement being sought is now at 80 percent for 20 years. Mac had previously sought a 100 percent property tax reduction for 20 years.
Peter Cassel, Mac director of community development, said the incentive change means the project would yield $100,000- to $150,000 annually more in property taxes to local governing subdivisions than under the previous plan.
Cassel added the increased parking was requested by the neighborhood. The project would be located by the planned streetcar stop at Armour and Main.
The heights of the proposed two apartment towers are seven stories or 100 feet on Armour, and 10-stories or 112 feet on Main. The existing US Bank building is four-stories tall.
The two apartment buildings planned for Armour and Baltimore would be on scale with the nearby residences, about 3 1/2 stories.
The development plan calls for adapting the US Bank office building into retail, offices and residential, the remainder of the project would be residential.
The proposal also would meet the city’s new guidelines on affordable housing. It would set aside 10 percent of the units for people making 30 percent of area median income; 10 percent for those earning 70 percent, and the remainder would be market-rate.
Cassel said Mac plans to seek approvals from the City Plan Commission on what he described as “blue-box renderings” for the proposed development before preparing more refined design plans.
Mac took the same approach to its major Armour Crossing residential project at Armour and Troost now under construction.
The incentive request will be pursued separately with the City Council.
If Mac is successful obtaining the necessary approvals, Cassel said the project could begin construction in the first part of 2023. He said the entire development would be built out in one phase.
The Mac proposal is part of surge of new residential investment in the works along the new streetcar route. Earlier this year, Lux Living was approved for a 192-unit project that will reuse the historic Katz Drugstore at Westport Road and Main.
Other residential proposals in the pipeline include a 300-unit Museum Tower project at 45th and Main being pursued by the Merriman family and Burns & McDonnell, and an 80-unit apartment building at 37th and Main contemplated by Exact Partners.
Exact Partners also completed the renovation of the historic Netherland Hotel and Monarch Storage buildings into a 144-unit project near 39th and Main last year.
The streetcar extension on Main from Union Station to UMKC is expected to begin operations in early 2025.