Block Multifamily Perks Up Management Expertise for Folgers Complex
The massive renovation project is just one of many in the renaissance of downtown. The Downtown Council reported Kansas City has never seen such a burst of rebuilding and renovating. Such advantages as tax incentives, low cost of living and a boom of technology start-ups have helped downtown’s population grow from 6,000 residents five years ago, to 21,000 today. Empty nesters are returning to downtown Kansas City and millennials find the urban lifestyle attractive. Downtown apartment occupancy is running at 98 percent. The Downtown Council predicts Kansas City’s business boom and the number of downtown residents will double in ten years.
Renovating the historic Folgers building.
O’Reilly Development of Springfield, Missouri is developing the $35 million complex at Seventh and Broadway in downtown Kansas City. The complex, which has two separate buildings, will result in 146 Class-A market-rate apartments totaling 220,000 square feet with an adjoining open lot.
Development began in May, 2014 on the newly named Roaster’s Block. The building is set to be complete in September, 2015. The mix will contain 11 studio apartments, 101 one-bedroom apartments, 31 two-bedroom units and three three-bedroom apartments. Amenities will include a pool, hot tub, fire pits and barbecue grills.
The buildings were built in 1899 and 1917 with views of the Missouri River and downtown. The old coffee plant complex closed in 2012 and O’Reilly purchased it in 2013. The project will utilize federal and state historic credits associated with the historic preservation and adaptive reuse plans for the buildings. O’Reilly obtained property tax breaks, 95% for 10 years and 45% for five years, through Kansas City Planned Industrial Expansion Authority.
Block Multifamily Group (BMG) was enlisted by O’Reilly to provide operations and property management for the Roaster’s Block. BMG has more than 30 years of experience managing multifamily assets with expertise in managing Luxury, Class A, B and Affordable assets.
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