Exact Proposing Another Big Apartment Project on Troost
Published June 15th, 2021 at 12:00 PM
By Kevin Collison
Exact Partners is continuing to build on its Wonder Shops + Flats redevelopment at 30th and Troost, this time proposing at 192-unit apartment project on the southwest corner of that intersection.
“Everything we’re doing is in response to the success of Wonder,” said Caleb Buland, managing partner of the firm. “We want to build the most affordable units we can.”
The five-story “3000 Troost” project would wrap around the Ruby Jean’s Juicery on now-vacant property, and would include about 1,100 square feet of retail space, according to an application filed with the Land Clearance Redevelopment Authority.
The project would include 24 studio apartments averaging 431 square feet and renting for $800; 72 one-bedrooms averaging 568 square feet at $950, and 36 two-bedroom, renting on average at $1,250 per month.
Buland expects the proposal to be considered by the LCRA board at its July meeting. The developer is requesting a 10-year, 75 percent property tax abatement to assist in financing the $22.3 million project.
The proposed 3000 Troost apartment development would wrap around the Ruby Jean’s Kitchen and Juicery.
Exact Partners has become a significant developer along Troost over the past few years. Just last month, the firm was approved for incentives by the LCRA for a 52-unit apartment development on two corners of 27th and Troost.
Exact also is proposing to build nine townhomes on a vacant site at 29th and Forest.
It’s biggest project on Troost, the redevelopment of the historic Wonder Bread bakery building into 87 apartments and 45,000 square-feet of commercial space, was completed in 2019.
Buland is a partner with Ilan Salzburg of Denver in Exact Partners. Bob Mayer of MR Capital also is a partner in the 3000 Troost proposal.
The firm also has been active redeveloping along the Main Street corridor, completing the $34 million redevelopment of the Netherland Hotel and Monarch Storage building into 144 apartments a year ago near 39th and Main.
It has plans to redevelop the historic Kansas City Armory at 3620 Main. Exact also redeveloped the historic Acme building at 3200 Gillham Rd. as apartments and space for the Kansas City Artists Coalition.