PIEA advances $125M worth of downtown apartments

By April 11, 2014Uncategorized

The Planned Industrial Expansion Authority board voted unanimously to advance three proposed downtown apartment projects seeking 25-year property tax abatements.

The projects, including two in the Quality Hill area and one near Interstate 35 and Southwest Boulevard, would total 661 units and about $125 million in construction.

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 in Overland Park’s Prairiefire development.

Thomas, who originally is from Raytown, 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 the full article at the Kansas City Business Journal.