Tracks 215 Project

Issues concerning Downtown as described by the Downtown Council. River to 31st Street, I-35 to Bruce R. Watkins.
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KCDowntown
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Tracks 215 Project

Post by KCDowntown » Mon May 06, 2019 12:35 am

The latest TIF Meeting packet has a new project on the agenda called Tracks 215.

This project calls for a 9-story 250-unit apartment building atop a 3-story parking podium located on the surface lot located southwest of the intersection of 22nd and Wyandotte. Here's the streetview on Google Maps.

Here is the project description:
  • $98 Million project
  • Luxury apartment building built to compete with REVERB, Arterra, 2 & 3 Light
  • 60 micro apts, 165 1bd apts, 25 2bd apts
  • Ground floor lobby/reception area/living room/gaming area/fitness center
  • 400 unit garage for residents and 2101 Broadway office tenants
  • 10% of units (25 micros) leased at $1,100 to qualify as affordable units
  • Rooftop kitchen
  • Construction start January 2020, complete in Spring 2021
  • Looks like Chris Sally and Vince Bryant are the developers involved
Renderings in the packet are very conceptual (see page 253-296 in packet)

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Critical_Mass
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Re: Tracks 215 Project

Post by Critical_Mass » Mon May 06, 2019 10:32 am

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Re: Tracks 215 Project

Post by KCPowercat » Mon May 06, 2019 10:55 am

I was just staring at that lot last week wondering if anything would go there some day.

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Re: Tracks 215 Project

Post by normalthings » Mon May 06, 2019 10:55 am

Looks like a cool project. I’m loving the increased density at the freight house district
IMHO. 1 spot per unit is a pretty good parking garage ratio.

I find it interesting that
1. Downtown KC Lucury projects cost the same to construct as a similar project in downtown Chicago.
2.Arterra is leasing for higher $$/sqft than Two Light.
3. P/L Building is 10% vacant.
Last edited by normalthings on Mon May 06, 2019 11:22 am, edited 2 times in total.

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Re: Tracks 215 Project

Post by earthling » Mon May 06, 2019 11:04 am

TIF still has its place when there's a public benefit such as including some public free/cheap garage parking but it's too disconnected from anything to have a public benefit. Like the project otherwise but am starting to lean toward using less TIF unless a clear public benefit (simply adding residents doesn't justify TIF at this point).

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normalthings
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Re: Tracks 215 Project

Post by normalthings » Mon May 06, 2019 11:11 am

earthling wrote:
Mon May 06, 2019 11:04 am
TIF still has its place when there's a public benefit such as including some public free/cheap garage parking but it's too disconnected from anything to have a public benefit. Like the project otherwise but am starting to lean toward using less TIF unless a clear public benefit (simply adding residents doesn't justify TIF at this point).
Is even more parking really a greater public benefit than adding residents?

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Re: Tracks 215 Project

Post by earthling » Mon May 06, 2019 11:19 am

^Should projects that add residents as only merit get TIF? No, not at this point. Should projects that add public amenities get TIF? Potentially. Does downtown need more parking? No, though I do support the idea of TIF garages at end of Riverfront streetcar line around Paseo Bridge. It would keep cars out of downtown and allows developers within downtown to build up surface lots and not worry about need for parking (or as much). Just an example of TIF that has real public benefit. Bottom line is that unless adding a direct public benefit, this project doesn't deserve TIF.

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Re: Tracks 215 Project

Post by normalthings » Mon May 06, 2019 11:24 am

earthling wrote:
Mon May 06, 2019 11:19 am
^Should projects that add residents as only merit get TIF? No, not at this point. Should projects that add public amenities get TIF? Potentially. Does downtown need more parking? No, though I do support the idea of TIF garages at end of Riverfront streetcar line around Paseo Bridge. It would keep cars out of downtown and allows developers within downtown to build up surface lots and not worry about need for parking (or as much). Just an example of TIF that has real public benefit. Bottom line is that unless adding a direct public benefit, this project doesn't deserve TIF.
If they increased the “affordable housing” from the proposed 10% to Let’s says 20%, would you approve of the incentives?

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Re: Tracks 215 Project

Post by earthling » Mon May 06, 2019 11:29 am

I'm indifferent on affordable housing downtown given KC overall doesn't have an affordable housing problem. Am not opposed to some form of breaks for affordable downtown either but to get TIF it should have broader public benefit, not a select few who get to live in psuedo publicly aided 'luxury' housing. I understand the arguments for more affordable housing to add more diversity downtown but not entirely sold on it relative to other cities that do have serious affordable housing issues city wide. So no, wouldn't support TIF if a % of affordable housing (in a luxury building) is the purpose of the TIF request.

If it were for a publicly accessible garage that would allow use by other projects (filling up surface lots downtown), that could justify TIF, but it's too disconnected from streetcar line. And most TIF garages should be required to have a design that allows for repurposing to something other than garage in future when KC metro's transit improves.

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Re: Tracks 215 Project

Post by alejandro46 » Mon May 06, 2019 12:57 pm

4 block walk to Main and 19th streetcar stop seems like an easy walk for me.

Currently the city generates minimal tax revenue from this parking lot. After the TIF rolls off, the tax revenue will be substantial. Building density is expensive, this is right next to a busy rail line, and the rents are being lowered because of it. I think this is an acceptable use of TIF.

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Re: Tracks 215 Project

Post by earthling » Mon May 06, 2019 1:03 pm

^So should pretty much every dense residential project should get TIF? When downtown didn't have momentum TIF had its place, but now there's momentum and projects can be profitable w/out aid given rent levels over $2/sqft. And once fully leased it makes it easier to sell as condos in future when market conditions are right.

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Re: Tracks 215 Project

Post by TheLastGentleman » Mon May 06, 2019 1:19 pm

I think the issue of active train tracks is important. This isn't just any site

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Re: Tracks 215 Project

Post by flyingember » Mon May 06, 2019 1:22 pm

earthling wrote:
Mon May 06, 2019 11:04 am
but it's too disconnected from anything to have a public benefit.
There's a bridge within seconds of this location with direct access to Union Station. It's directly accessible to the heart of First Friday. It's within walking distance of multiple office towers like at One Pershing via the pedestrian stairs.

If that's not connected i don't know what is.

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Re: Tracks 215 Project

Post by earthling » Mon May 06, 2019 1:27 pm

So by disconnected I meant if to be used for a public garage that other developers would like to use parking for their own project. If say the lot next to Anton's were to be developed with near zero parking and they want to arrange a parking that tenants can lease, most would want it off of a streetcar stop or a block or two at the most, not a several block walk. Is also disconnected in terms of driving - access to main drag or freeway exit.

But we don't know if this project is intended to allow public parking and for use by other buildings - they just mentioned one in particular. My point is that if they get TIF, public parking should be accessible (or other public benefit) and that being disconnected from streetcar line would have less appeal than TIF garages closer.

Granted, my default tolerance for TIF use at this point is stricter than others here and there are some good points for broader use.

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Re: Tracks 215 Project

Post by DaveKCMO » Mon May 06, 2019 2:25 pm

The parking will support multiple projects and unlock other nearby parcels for redevelopment that aren't yet public. Other than being a public garage that's shared, I can't think of a better approach for a new parking structure.

I'm told it's office + residential, so the parking will also be shared between day and night users.

Also, this parcel floods and the project will need to address that.

This is a much better use of TIF (flood prone site next to railroad tracks) than the luxury hotel next to Kauffman.

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Re: Tracks 215 Project

Post by smh » Mon May 06, 2019 2:27 pm

DaveKCMO wrote:
Mon May 06, 2019 2:25 pm
The parking will support multiple projects and unlock other nearby parcels for redevelopment that aren't yet public. Other than being a public garage that's shared, I can't think of a better approach for a new parking structure.

I'm told it's office + residential, so the parking will also be shared between day and night users.

Also, this parcel floods and the project will need to address that.

This is a much better use of TIF (flood prone site next to railroad tracks) than the luxury hotel next to Kauffman.
What type of guarantees will be written into the proposal before it receives incentives?

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Re: Tracks 215 Project

Post by normalthings » Mon May 06, 2019 2:39 pm

smh wrote:
Mon May 06, 2019 2:27 pm
DaveKCMO wrote:
Mon May 06, 2019 2:25 pm
The parking will support multiple projects and unlock other nearby parcels for redevelopment that aren't yet public. Other than being a public garage that's shared, I can't think of a better approach for a new parking structure.

I'm told it's office + residential, so the parking will also be shared between day and night users.

Also, this parcel floods and the project will need to address that.

This is a much better use of TIF (flood prone site next to railroad tracks) than the luxury hotel next to Kauffman.
What type of guarantees will be written into the proposal before it receives incentives?
Per the documents above, the project budget is conceptual - prices may decrease (significantly) as details are solidified. It is proposed that incentives be reduced if costs reductions >10% occur.

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Re: Tracks 215 Project

Post by im2kull » Mon May 06, 2019 5:46 pm

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beautyfromashes
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Re: Tracks 215 Project

Post by beautyfromashes » Mon May 06, 2019 6:13 pm

Carry on! And don’t forget to tell your friends we are open for business now.

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Re: Tracks 215 Project

Post by Chris Stritzel » Mon May 06, 2019 11:19 pm

Kevin Collison will have a story on this tomorrow. He may or may not have any new information. It's a nice project overall but I wonder how the design will change overtime.

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