An Omaha developer is proposing a 60-unit apartment project near Berkley Riverfront Park that’s intended to help meet the demand for affordable housing downtown.
Cornerstone Associates, which recently opened the 531 Grand market-rate apartment project in the River Market, is requesting federal tax credits administered by the Missouri Housing Development Commission to help finance the $13 million project.
The Cornerstone development proposal calls for a four-story building with 22 one-bedroom; 31, two-bedroom, and seven,three-bedroom units.
Rents would range from $485- to $785 for one-bedrooms; $570- to $925, two-bedrooms, and $645- to $1,000 for a three-bedroom.
The apartments would be limited to people earning 40- to 60 percent of the area median income.
The project would be located east of the new Bar K dog park and cafe under construction, and west of the partly-opened 451-unit, market-rate Union apartment project developed by Indianapolis-based Flaherty & Collins.
It would be near the planned extension of the streetcar to Berkley Park. The developer also said the Kansas City Area Transportation Authority has agreed to provide a new bus stop within a quarter mile of the project.