Cordish plans $25M affordable housing project at Midland
The Cordish Companies, the Baltimore-based developer behind the One Light and Two Light towers in downtown Kansas City, unveiled plans for a $25 million redevelopment that will include 117 apartments in the former Midland office building.
Dubbed the Saxon at the Midland, the project has what the developer defines as affordable housing, with 50 percent of the one-bedroom and studio units renting for less than $950 and no unit going for more than $1,100 a month. The decision to redevelop them as more moderately priced apartments is part of a deal Cordish struck with the city when it was granted the incentives for its next luxury high-rise, Three Light.
This project also will seek an $1 million, 25-year tax abatement from the Planned Industrial Expansion Authority of Kansas City this week.
Located at 13th Street and Baltimore Avenue, the project also will include resident lounges, a conference room and fitness center.
According to a release from Cordish, the bulk of the units will be 518-square-foot, one-bedroom apartments. Units throughout the entire complex will average 447 square feet.
The project will add needed density to Downtown and could help increase additional lower-priced apartment options than what's available, according to Nick Benjamin, executive director of the Kansas City Power & Light District and Cordish's managing director of multifamily development.
“We are entering another level of downtown living,” Benjamin said in the release. “We hear every day that Kansas Citians want more options when it comes to downtown living. More price points, and different sizes and footprints. It’s exciting that more and more people want to be downtown, and we want to be at the forefront of making the downtown experience accessible for as many people as possible.”
Cordish developed the Power & Light District along with the two current multifamily towers. Two Light is a 24-story, 296-unit luxury high-rise apartment tower that opened last year. One Light, its 316-unit sister property, is 25 stories and opened in 2015 — the first new residential tower in or near Downtown since 1976.
The company has been mum on setting a final date for construction to start on Three Light but anticipates starting construction on the Saxon in the first quarter of 2020.
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