KCRag Forum

normalthings wrote: ↑Sun May 15, 2022 3:23 am Construction started

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A development entity called Axis KC LLC is applying for a $47 million bond to help finance the redevelopment of the historic Scarritt office tower at 818 Grand and its adjoining Arcade into 126 apartments and 25,000 square-feet of ground level commercial space.
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Axis KC is seeking 25-year property tax abatement from Port KC for the project, the first 10 years at 100 percent, the remaining 15 years at 50 percent. The property would continue to pay its current property tax which would then increase in 10 years.

The developer also is applying for a sales tax exemption on construction materials.
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No date has been established for when the Port KC Board of Commissioners will consider their applications.

Port KC's development committee reviewed Augustine's incentive request on Monday but did not vote on it. The port intends to complete its analysis after Augustine meets with taxing jurisdictions, such as Kansas City Public Schools, with which the developer was scheduled to meet Tuesday.

The committee voted unanimously to recommend the developer, Augustine Development Group of Florida, receive a 25-year property tax break to help finance the renovation. It calls for a 100 percent reduction for 10 years, and 50 percent for 15 years.

The buildings will continue to pay the current property taxes the first 10 years. The project is expected to generate $5.6 million in property tax revenues over its 25-year life. The developer will save about $8.2 million in property taxes during that period.

In addition, Augustine Development is receiving $12.5 million in state and federal historic taxes to help finance the project.

If the full Port KC board approves the abatement, work would begin this spring with occupancy expected in Fall 2024.

The plan calls for 51 studios with monthly rents from $1,403- to $1,502; 42 one-bedrooms with rents from $1,608- to $1,663, and 33 two-bedrooms renting from $1,968 to $2,217. The project also will include 25,600 square-feet of ground floor retail.

In December 2020, Augustine Development revised the plan to apartments and commercial space including a grocery store.

Greiner said a grocery store is still in the works.

“We’ve been talking to quite a few grocery store tenants,” he said.

FangKC wrote: ↑Sat Jul 01, 2023 11:42 pm Dave, tweet that to the Mayor.

We’ve had ongoing conversations and our Neighborhoods team is working with the building owners and getting it secured today.

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Matthews Real Estate Investment Services™, in conjunction with, RI Marketplace, are pleased to present The Scarritt Building and Arcade (the “Property”), a prime mixed-use redevelopment opportunity in the heart of booming downtown Kansas City. Located on “main and main” at the intersection of Grand Blvd and E 9th St, the 12-story tower and adjacent 4-story arcade offers the opportunity to renovate and bring back to life 126 multifamily units plus 18,000 square feet of ground retail. The Scarritt Building will provide residents with the timeless aesthetic of early 20th century Chicago-style architecture, along with modern Class A amenities that high end renters expect.
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swid wrote: ↑Wed Feb 28, 2024 12:07 pm My dentist is in this building; I got a call yesterday that my upcoming appointment would have to be cancelled.

Turns that the cancellation is due to his office being without electricity for the foreseeable future because the building has an unpaid 5-figure Evergy bill.