Large-Scale Apartment Project In Downtown KC Clears Hurdle

Courtesy of Creative Commons
Cityscape Residential is planning $125 million of apartment projects in downtown Kansas City. | Courtesy of Creative Commons

The Planned Industrial Expansion Authority board voted unanimously to advance three proposed downtown Kansas City apartment projects seeking 25-year property tax abatements and estimating the construction will cost $125 million.

The developer, Jim Thomas of Indianapolis-based Cityscape Residential, has developed $350 million worth of multifamily projects in the Kansas City metropolitan area over the past 20 years and is currently working on a 428-unit apartment project at the Prairiefire development in in Overland Park, Kan.

Thomas, who originally is from the Kansas City area, said he had wanted to develop in the downtown area for years and that the scale of the three projects proposed finally will allow him to attract the investment capital to do so.

Read more from the Kansas City Business Journal

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