A St. Louis developer has hundreds of new Kansas City apartments in different stages amid its expansion into the local multifamily market.
The Planning Commission last Tuesday granted Lux Living final plan approval to build a seven-story apartment complex with 254 units and 2,598 square feet of ground floor commercial space on Berkley Riverfront’s Parcel 12B.
Earlier this year, Lux is seeking a 25-year property tax exemption for its $55 million project through the Port Authority of Kansas City, but the vote failed in May after a commissioner withdrew his procedural consent, citing significant public pushback.
The apartment development without incentives means that $12.6 million in future tax revenue will not be diverted from the affected taxing jurisdiction during those 25 years.
It also means Lux is no longer required to include affordable housing units under the city’s set-aside policy. Originally, 25 units each were planned for renters making 70% and 30% of the area’s median family income.
Separately, city planners are scheduled for October 4 to review an urban redevelopment rezoning request for a different Lux Living proposal: Freight House Village apartments, the builder. will complete as a couple in our 3D Development Transport House Development District.