New high end apartment tower and Aloft hotel announced for West Plaza

[voltopt]

Despite the sarcasm, your comments can be taken literally.  The project will receive less public money, expand the Plaza footprint, creates more density, scale back a posh concept with expensive finishes to a more standard concept.  All at a time when hotel occupancy is diminishing.  This is very positive.

Also, new construction is welcome in a local economy that is currently hurting.  Everyone from architects to bricklayers to general contractors are desperate for work right now.

[Highlander]

Also, new construction is welcome in a local economy that is currently hurting.  Everyone from architects to bricklayers to general contractors are desperate for work right now.

An aspect of TIF's and tax abatements that is commonly overlooked. 

[ComandanteCero]

Judging from the work they did at 18th and Vine i'm not all that optimistic of the design of this place.... looks cheap and run of the mill.  But there's a lot of that kind of stuff in that part of the Plaza anyway so i guess it's a wash on that front.  The increase in density should be nice, and from the rendering it looks like they'll have street facing windows and entrances.  the LEED certification shouldn't hurt either i suppose.

In terms of the tax abatement:

The incentives approved by the council are a 100 percent property tax abatement for 10 years and a 50 percent abatement for five years.

That sounds like quite an improvement over the 25 year tax abatement the developer was looking for before.  I'm still skeptical that he needed it at all, I wouldn't be surprised if this project (in its present slightly downsized form with Homestead Hilton instead of A-Loft) could have easily been 100% privately financed a year ago.  The developer just got greedy and hoped for the city to subsidize them so he could include the extra units and hotel rooms.  It's a testament to the robustness and attractiveness of the Plaza market that he can still have a good chance of finding financing for this project even in the current economic crunch.

[trailerkid]

In terms of the tax abatement:

That sounds like quite an improvement over the 25 year tax abatement the developer was looking for before.  I'm still skeptical that he needed it at all, I wouldn't be surprised if this project (in its present slightly downsized form with Homestead Hilton instead of A-Loft) could have easily been 100% privately financed a year ago.  The developer just got greedy and hoped for the city to subsidize them so he could include the extra units and hotel rooms.  It's a testament to the robustness and attractiveness of the Plaza market that he can still have a good chance of finding financing for this project even in the current economic crunch.

Going from 25 to 15 year tax abatement ON THE PLAZA is not being tough on developers...period. 

We are still publically subsidizing VERY expensive senior apartments-- one that very few in KC could afford ($4,000/month). The state of urban development is not as simple as the TIF police school of thought initially thought. Are they celebrating this?

[GRID]

Going from 25 to 15 year tax abatement ON THE PLAZA is not being tough on developers...period. 

We are still publically subsidizing VERY expensive senior apartments-- one that very few in KC could afford ($4,000/month). The state of urban development is not as simple as the TIF police school of thought initially thought. Are they celebrating this?

I don't believe that the same decision wouldn't have been made by the Barnes/Cauthen crowd.  But it's a victory in the eyes of the public, those that still have respect for the mayor anyway.

[missingkc]

DaveKCMO: maybe you really know this but it wasn't evident from your reponse.  "Memory care" refers to facilities designed for folks with dementia, particularly those that have a tendency to wander.  It involves secure exits and, usually, monitored entrance.  It can be very difficult to find suitable housing for folks in that condition.