For the past several weeks, NorthPoint Development has carried out the beginning stages of construction on a $60 million apartment complex poised to bring sought-after density to the Berkley Riverfront area.
The Riverside-based developer officially broke ground July 21 on the CORE — or Connecting Our Riverfront to Everyone — apartment complex, on an eight-acre site it acquired from the Port Authority of Kansas City for $4.25 million.
Since then, Lenexa-based general contractor Neighbors Construction Co. has started site work on the parcel, east of Bar K, and recently started installing underground stormwater detention infrastructure, including burying 10-foot diameter holding tubes.
The four-story complex will boast 353 studio, one- and two-bedroom units, with community amenities including a heated saltwater swimming pool, a two-story fitness center, a yoga studio and a 16-foot indoor rock climbing wall.
The project also encompasses a private street through the development and 70 parking spaces for public use, including by Bar K patrons.
Port KC in late April approved the development plus incentives, including a revenue bond up to $49 million — to be repaid by NorthPoint and financial partner Northwestern Mutual — and a 25-year property tax abatement.
The abatement will run at 75% between years one and five; 60% from years six through 10; 45% in years 11 to 15; 25% between years 16 and 20; and 10% through year 25.
Completion on the first phase of apartments is anticipated in fall 2021, with the entire complex finished by fall 2022.
Once open, CORE will add to the 407-unit Union Berkley Apartments, which opened in 2018 in the Berkley Riverfront area.
Separately, on the northern 1.7-acre balance of what Port KC identifies as Parcel 12, the authority has countersigned a letter of intent for what is envisioned as a five-story, 120-key boutique hotel focused on fitness offerings.
Port KC CEO Jon Stephens said the authority first received interest from the hotelier — a unique brand with projects nationwide but new to the Kansas City market — nearly a year ago.
Before the pandemic, Port KC officials determined that the riverfront location would be ideal on account of the neighborhood’s lack of hotel stock and the parcel’s visibility, plus access to the City Market and Downtown.
Over the last several months, Stephens said, the hotelier has been refining its amenities and programming, and officials currently are defining the project’s scope, including the hotel’s height and impact on adjacent parcels.
Once those details are vetted, Port KC could determine the deal’s financial structure, construction timelines and any incentives involved — all conversations Stephens said are likely a few months away.