NorthPoint wins approval to build $44M luxury apartment complex — its 10th in KC area

NorthPoint Development cleared the government approval hurdles necessary to start work on a $44 million apartment project.

The Belton City Council on Tuesday approved community residential rezoning for 11.64 vacant acres at 163rd Street and Turner Road, as well as a development and performance agreement for the luxury 322-unit NorthPoint Apartments complex.

The developer, which lists nine Kansas City-area multifamily properties on its website, anticipates a start to construction in the first quarter of 2021. Studio, one- and two-bedroom units within the six-building, four-story project are expected to range from $850 to $1,600, depending on market conditions at buildout.

Amenities at NorthPoint Apartments will range from a heated saltwater pool with a sun deck and an outdoor grilling area to cycling and massage studios.

The city of Belton is expected to issue up to $44 million in Chapter 100 bonds to help finance the new apartments, and via a lease agreement with NorthPoint, abate about $8 million in property taxes for the project over 20 years, meeting documents show.

NorthPoint proposes to pay $3.8 million in lieu of taxes to affected jurisdictions over that time frame.

The developer also is set to receive a sales tax exemption on construction materials used for the apartments, saving approximately $1.47 million from state and county levies.

“NorthPoint has made significant investments in our city that will have long lasting positive effects on our economy,” Carolyn Yatsook, the city’s director of economic development, said in a Wednesday release. “First was the development of the Southview Commerce Center and now we look forward to enjoying similar success partnering with them on this contemporary, high-quality residential development.”

NorthPoint Development in 2018 received the city’s approval for its approximately $105.5 million Southview Commerce Center plan, which calls for up to five light industrial buildings on 148 acres that formerly served as the Southview Golf Course.

On Tuesday, Belton council members also established a 93.3-acre community improvement district (CID) and authorized up to $40 million in taxable industrial revenue bonds to support construction of the Southview Commerce Center’s 800,000-square-foot third building.

Yatsook said NorthPoint Apartments will serve both Belton seniors looking to remain near family, and forego property maintenance without moving into a senior-living facility, as well as the city’s young professionals, interested in living close to work and entertainment offerings without buying a home.

Read the Full Article >>