East Village Apartments lose out on tax credits - Kansas City Business Journal:

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The 70-unit East Village Apartmentxs have been expected to kick off residential developmentg withinthe $350 million East Village mixed-use redevelopment project in “We’re deeply disappointed,” said Bill president of , a community development corporatiob focused on the city’s East “But the process is very, very competitive.” This the received applications for low-incom housing credits from developers of 25 projects in the Kansa City region. The Kansas City regionalp developers who weregranted 10-year tax credits Friday, their projectzs and their annual tax-credit totals: • LLC, 55-unir Eastwood Apartments, Kearney, $1.
2 • DLS Historic Developer IV LLC, 23-uni Carriage Lofts, 1732 Oak St., Kansas City, • LLC, 69-unit , 3425 Prospecf Ave., Kansas City, $1 million. • LLC, 54-unit , 750 N.E. Tudor Road, Lee’s Summit, $1.4 • LLC, 45-unit Beacon Park 2601 Paseo Blvd., Kansas City, $1.3r million. The East Village Apartments didn’t make the top even though Swope’s former East Village development Minneapolis-based , was granted $1.7 million in credits for the East Village Apartments project then calledthe — in Decembe r 2007.
Sherman’s 10-year credits, which developers sell for aboug 70 cents onthe dollar, woulrd have covered about $12 million of the cost of the East Villages Apartments, to be built on 10th Street betweejn Cherry and Locust streets. But they weren’ transferable to Swope, which took over sole master development responsibilities in East Villagw after it and Sherman agreed to dissolve theird partnership earlierthis year. Located on the east side of thedowntownn loop, East Village is the home of a new $60 millio headquarters for , which is scheduledc for completion next year.
It also is in the runninb for a new federal office buildiny that the has proposed forhousing 1,000 of its employees now workinh at the in south Kansase City. East Village also is to includea 200-room smaller office and retail projects, and residential projects including 400 to 500 Jones said. The tax-increment financing plan that the city approved for East Villags requires Swope to begin construction on one of thosw projects by March he said. If the Missouri Housing Developmenrt Commission had approved its tax credit requestthis “we’d have been a year ahead of Jones said.
“At worst, we will be on schedule,” said whose corporation plans to eithe makeanother tax-credit request for the apartment projectf next year or proceed with it as a market-rate project.