Compromised by St. Louis stadium, KC’s Commerce Tower back on track

Redevelopment of Kansas City’s Commerce Tower is back on track after suffering a temporary setback.

Developers behind the $138 million project recently found out that they would not be receiving $5 million in state brownfield tax credits because of efforts related to the proposed $1 billion football stadium in St. Louis.

However, the Tax Increment Financing Commission of Kansas City voted 6-3 on Wednesday to approve tax increment financing for the renovation of the Commerce Tower, a 31-story building in downtown Kansas City.

The approved financing will cover $7 million in hard costs and $11.5 million in financing costs, which was needed to fill an unexpected financing gap, developers said.

Read more from the Kansas City Business Journal

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