KSHB 41 reporter Caroline Hogan covers development across the Kansas City area. Share your story idea with Caroline.
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In a city that continues to develop, how do you keep housing and rent affordable?
Zach Molzer with Molzer Development is turning the former Aladdin Hotel into apartments.
At the wall breaking in January, Molzer said his goal is to create affordable housing for the younger generation.
"They want to live, work, and play in those vibrant areas, but they can't afford to pay $2,000 a month in rent," Molzer said.
There will be 122 apartments ranging in size, but the average unit will be around 600-square feet.
Molzer said with these smaller units they're able to keep prices between $1,400-$1,700 a month.
"I think what makes it work is you can have those smaller units, you can fit more density in the downtown area, but you still have a higher rent per square foot, but not necessarily a high chunk rent," Molzer said.
KSHB 41 refers to the U.S. Department of Urban Housing and Development's definition of 'affordable,' which they describe as 30% of your gross income.
In 2023, the Census Bureau found the median income in Kansas City was $5,620.70 per month. Thirty-percent of that is $1,686.23, which is within range of what Molzer is considering.
Molzer is passionate about this because he believes it's a piece missing in downtown KC, a piece that would attract more young renters, like himself.
"Fitting that missing middle is super important, 'cause it’s something that I had to deal with, too," Molzer said.
Kansas City, Missouri, City Councilman Crispin Rea also finds the issue important. He said the best way to increase affordable housing is to motivate developers.
"There's not nearly enough affordable housing downtown, and that's across the city," Rea said. "Incentives are a reflection of your priorities, and so we need to incentivize building affordable housing."
For those who say these apartments are still unattainable, Molzer said, it all comes down to what you value in a living space.
"I have a big waiting list of people who are excited to move in here," Molzer said. "Everyone’s definition of 'affordable' is different."
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