Published October 15th, 2019 at 12:15 PM2 minute read
By Kevin Collison
NorthPoint Development is planning a $60 million apartment development near Berkley Riverfront Park that could begin accepting what’s anticipated to be up to 500 residents as early as late summer 2021.
The 348-unit project is proposed for an eight-acre site just east of the Bar K dog park, restaurant and bar, according to a briefing given by NorthPoint representatives to members of the Port KC development committee.
The development site is property owned by the authority which has a tentative deal to sell it to NorthPoint for $4.25 million.
The project would join a steady stream of new residential along the riverfront including the 410-unit Union apartments which opened last year, and a 75-unit affordable apartment project proposed by Prairie Fire Development.
Mark Pomerenke, chief investment officer at NorthPoint, told the Port KC committee that 15 percent of the units would be set aside as affordable, meaning they would rent for less than $1,070 per month.
He said about 25 percent of the units would be studios with monthly rents beginning at $929. Residents also would not be charged for parking in the surface lot planned for the development.
“We want to be a continuity of that (Union apartments) success and bring more residents to the riverfront,” Pomerenke said. “We’re also really excited to have Bar-K next door.”
As part of its proposal, NorthPoint plans to build a private street through its development that would include 70 parking spaces for public use, including patrons at the popular Bar K dog park and bar.
The development also will include a first floor fitness studio. It would employ eight people full-time with an average salary of $40,000.
The NorthPoint apartment site is part of what Port KC has designated as Parcel 12 in its riverfront development area. The north portion of Parcel 12 has been reserved for a hotel project that’s in negotiations with the authority.
Joe Perry, development manager for Port KC, said NorthPoint is tackling a tough development site, noting that almost half of it cannot be built on because of sewer easements through the property.
Pomerenke said the developers expect to obtain their city permits this winter and begin construction in April or May. Residents could begin moving in within 16- to 18 months after the construction start with the project fully completed in two years.
The development would be located next to the planned extension route of the streetcar to the riverfront. Jon Stephens said that while the four-story apartment development might not be as tall as some observers would like, it still would contribute to the area.
“Why its not as vertical as some would like on this parcel, there is a density and walkability component,” he said.
Stephens added the proposed apartment development would function as an attractive gateway to people entering the Berkley Riverfront area using the Grand Boulevard viaduct from the River Market.
The Port KC development committee endorsed providing up to $35 million in construction bonds for the project. The developer also is planning to seek a property tax abatement. The development plan still requires consideration by the full Port KC board.
In another, non-downtown matter, the development committee recommended the authority approve up to $136 million in bonds for the redevelopment of the former Bannister Federal Complex site in south Kansas City.
NorthPoint Development is proposing to build seven distribution center buildings on the site totaling 2.6 million square feet. When fully built out, NorthPoint estimated the total value of the Bannister project at $136 million and projected it would employ 1,500 people.