KANSAS CITY, Mo. — A Kansas City-based developer is in the process of securing support for a project that would turn the Plaza Corporate Centre office building into residential apartment units.
Block RE has submitted plans calling for the development of the seven-story building, located on the northeast corner of the intersection of W. 47th Street and Madison Avenue, into 119 market-rate apartments. The first floor would remain retail space.
The project would also replace an on-site parking garage on the north side of the building with a new 476-space parking garage, 202 additional market-rate apartments and a tenant amenity space.
Port KC is set to review the project at a meeting Wednesday and consider development assistance with the project.
Staff recommends the Port KC Board of Commissions adopt a resolution that would convey Port KC’s intent to issue up to $150 million in conduit bonds for the project.
Port KC assistance would include a real property tax exemption for 25 years, broken down into a rate of 85% for the first 10 years, 80% for years 11-15, 75% for years 16-20 and 0% for years 21-25.
Wednesday’s Port KC meeting is also expected to review a proposal for another residential project on the northwest corner of the intersection of W. 47th Street and Madison Avenue.
According to Wednesday’s agenda, Block RE plans a 19-story multi-family residential tower offering 279 units, 419 parking spaces and amenities.
The project, dubbed “The Madison,” would include similar real property tax exemptions as the remodeled Plaza Corporate Centre project. Port KC staff also support conveying the intent to issue up to $203 million in conduit bonds for the project.
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