Work to Begin on $52M Apartment Project in Freight House District
Published August 16th, 2021 at 11:30 AM
By Kevin Collison
The 193-unit Tracks apartment project in the Freight House District is expected to break ground by the end of the year, two years after it was first proposed.
The $52.5 million development is being built by Milhaus, an Indianapolis developer that also recently completed the 338-unit Artistry KC apartment complex in the East Crossroads along with several other projects in greater downtown.
“We’re seeing demand pick back up,” said John McGurk, Milhaus vice president of development.
“Artistry KC is leasing well although we had a lot of units delayed during Covid.”
The seven-story Tracks project will be located on what’s now a parking lot on West 22nd Street just west of the Freight House building where Lydia’s, Jack Stack Barbecue and Grunauer restaurants are located.
The Tracks apartment project will be built on this parking lot next to the historic Freight House building.
The development at 311 W. 22nd St. originally was proposed in 2019 by Vince Bryant of 3D Development as part of a larger $310 million redevelopment concept he’s pursuing for the Freight House area.
Bryant won approval for a unique incentive deal for the Tracks project that involved both the use of tax-increment financing and property tax abatements.
The Tracks parking garage was intended to replace the 150 surface spaces taken for the development and currently used by business tenants, and add spaces for apartment residents.
The developer obtained a 15-year property tax abatement to help finance the apartment side of the project. The TIF funding intended to help build the garage will come from revenues generated by other nearby properties owned by Bryant.
An aerial view of The Tracks project looking east. (Rendering by Pixel Foundry)
Milhaus entered the deal after Bryant’s previous national partner, Greystar, dropped out of the project.
The revised Milhaus plan has a smaller, 268-space garage with 150 spaces continuing to be reserved for the nearby businesses and 118 set aside for apartment residents. The building calls for five levels of residential atop a roughly 2 1/2 level garage.
In response to neighborhood concerns, about 40 parking spaces were eliminated by Milhaus to provide space for the 19 new, street-facing apartments.
McGurk said the Tracks project is expected to be completed in late 2023.