KANSAS CITY – Hyatt plans to seek tax increment financing (TIF) from Kansas City for an $80 million development project near the Country Club Plaza, the Kansas City Star Reports.
The project includes a new, 223-room hotel as well as a restaurant and office space. Hyatt is collaborating with Block Real Estate Services of Kansas City, which owns a 50-year-old apartment complex on the proposed site.
The proposed TIF for the development area is expected to be introduced today at the Kansas City Tax Increment Financing Commission. As of now, no specific dollar figure has been attached to project. As the Star reports:
“We’re still running some numbers,” said Doug Stone, the attorney at Polsinelli Shughart representing B.H. Plaza LLC, the development entity.
“While the hotel market is vibrant in the Plaza, that doesn’t translate into a high enough daily rate to cover the cost. It will be a pay-as-you-go TIF with no city backing.”
Stone and Steve Block, a principal at Block Real Estate Services, said they will ask the city to rezone the property as an urban redevelopment district.