Multi-Family

Mission Gateway development lands key financing

The developers of Mission Gateway have secured intermediate financing needed to get construction moving on all fronts of the long-awaited mixed-use project located at the site of the former Mission Center Mall.

GFI Development and The Cameron Group are eyeing 2021 for the project’s full completion, thanks to $20 million in fresh financing secured through Metropolitan Commercial Bank. The funds will allow construction to commence on the project’s 130,000-square foot entertainment portion by the end of April. Site preparation began for Mission Gateway’s three apartment-over-retail buildings last fall and those structures are on target for delivery by the end of 2020.

 “The financing we have secured and closed will allow us to continue to deliver what we promised,” Tom Valenti of The Cameron Group told MetroWire Media.

Mission Gateway’s entertainment area will include an unnamed anchor tenant who will operate a 90,000-square-foot entertainment complex to complement a 40,000-square-foot food hall from Chef Tom Colicchio’s Crafted Hospitality.

“We were out there looking for financing, and it is coming to us in two ways. We secured the first wave of financing done through Metropolitan Commercial Bank, our lending partner. And we continue to work with Mission Capital, our capital advisors throughout the process,” said Andy Ashwal of GFI Development.

In January, GFI and the Cameron Group announced they were seeking a finance partner and bumping up the construction timeline after landing the unnamed destination entertainment tenant.  

Mission Gateway snapshot:

-Colliers International will handle Mission Gateway’s office and retail leasing.

-Neighbors Construction is expected to complete the multifamily portion of the project in April 2020.

-Fogel-Anderson Construction Co. is serving as construction manager for the entire redevelopment project at Johnson Drive and Shawnee Mission Parkway.

-El Dorado, Inc. designed the overall master plan. 

-NSPJ is architect of record for the Element by Westin hotel.

 For more info, please visit www.missiongatewaykc.com

City Club groundbreaking reinvents Hereford House site

The $76 million City Club Apartments Crossroads mixed-use community broke ground ground Wednesday, signaling new life for the landmark Hereford House site at 20th and Main streets in Downtown Kansas City.

Integrated into the historic Midwest Hotel, the 7-story multifamily building will include 283 apartments and penthouses and feature international design, rooftop dining, an outdoor theater, and 50 floor plans.

"Kansas City is proud to be home to the next exciting development from City Club Apartments," Kansas City Mayor Sly James told attendees at the groundbreaking.

City Club Apartments has retail and restaurant tenants lined up for the project, with announcements pending. City Club has $500 million currently under development in more than a half-dozen U.S. markets.

Village at View High vision comes into focus with multifamily site prep

Site preparation and infrastructure construction officially is underway for Meridian at View High, a 312-unit luxury apartment community planned for the northeast corner of 3rd Street and View High Drive within Lee's Summit's Village at View High mixed-use development.

"Over the next few months, construction crews will build sewers, roads, and a retention pond on the development site. It is exciting to see this important first piece of Village at View High begin to take shape," said John Bondon, president of Parrot Properties LLC, master developer of the Village at View High.

Parrot Properties chose Indianapolis-based Cityscape Residential to develop Meridian at View High's 18 buildings, with vertical construction expected to begin in early 2018 and units available for lease by the spring of 2019. 

"The partners of Cityscape Residential have seen the attractiveness of investing in Lee's Summit since making our first luxury apartment investment in the city over 15 years ago," said Jim Thomas, Cityscape Residential partner. "High quality of life, excellent schools, proximity to good jobs, and thoughtful local leadership have all led Cityscape to make Lee's Summit a significant part of our $250 million investment in the Kansas City metro area."

When completed, the 74-acre multifamily project will feature walkability, high-end retail and a true "live-work-play" lifestyle desired by Millennials and empty nesters alike, according to a release.

Village at View High is located in the heart of Lee's Summit's View High corridor on the city's west side and overlooks the Fred Arbanas Golf Course in Longview Lake Park, a 4,800+-acre green space with plentiful outdoor recreational opportunities. 

"It is rewarding to see dirt moving on Meridian at View High, as it is a critical 'domino' for the overall Village at View High project," said Rick McDowell, president of the Lee's Summit Economic Development Council. "A high-quality, plentiful, and diversified housing stock is central to our mission of promoting Lee's Summit as a model community for economic innovation and growth."

Pendleton Flats lifts housing options for Paseo Gateway

The $4.5 million Pendleton Flats apartment community officially opened on Wednesday, adding 30 modern, amenity-rich apartment units at affordable rent rates in the Paseo Gateway neighborhood on Kansas City's east side.

“The development itself is a gorgeous turnaround for a formerly partially vacant, blighted apartment complex in Pendleton Heights,” said Brinshore Development LLC President David Brint. “Pendleton Flats has excellent access to job centers, transportation, cultural institutions, parks and amazing housing stock within a stone’s throw of downtown.”

The three-building complex at 555 Olive St. replaces the former crime-ridden Brooklyn Heights complex and represents a safe, family-friendly housing option with amenities such as on-site management, bike racks, an intercom entry system, central AC, private balconies, in-unit washer/dryer, dishwasher, secure and off-street parking and Energy Star appliances. 

Chicago-based Brinshore Development served as master developer, with support from local partners including the  Housing Authority of Kansas City; Affordable Housing of Kansas City, Inc.; Kansas City, Missouri; United Way; and Local Initiatives Support Corporation (LISC)4Sight Construction Group served as general contractor, and Rosemann & Associates PC provided consulting services.

Pendleton Flats is the first project associated with a $30M federal housing grant received by the City of Kansas City, Missouri in 2015. Brinshore and HAKC will break ground over the next year on three additional replacement housing projects in the Paseo Gateway neighborhood, which covers almost one-square mile and includes approximately 4,800 residents. 

Local dignitaries such as City Manager Troy Schulte, and Kansas City councilmen Quinton Lucas, Jermaine Reed and Scott Wagner attended the grand opening, as well as Housing Authority Kansas City leaders Donovan Mouton and Ed Lowndes.

The development was designed and constructed to comply with the Enterprise Green Communities Certification standards, which aim to help improve health, economic and environmental benefits to residents.

 

Developers and local dignitaries celebrated the opening of the Pendleton Flats apartment complex in the Paseo Gateway neighborhood on Oct. 25. 

Developers and local dignitaries celebrated the opening of the Pendleton Flats apartment complex in the Paseo Gateway neighborhood on Oct. 25. 

Panelists tackle trends and timely topics at sold-out MWM 2017 Multi-Family Summit

More than 170 guests attended MWM's 2017 Multi-Family Summit on Oct. 12 for breakfast, premium networking and a panel discussion moderated by Hunt Midwest's Brenner Holland

Here's a snapshot of panelist insights: 

“We are in a vibrant stage in my 25-year career. One of the leading indicators is the number of calls I get from lenders about sites from developers outside Kansas City, so that tells us that folks are either pooping out in some other markets and trying to come here, or they’re moving from different food groups into multi-family." -Jim Thomas, Cityscape Residential

“I think what has happened in Denver is similar to what has happened to California, where the prices have gotten astronomical and it’s unaffordable for virtually anybody at any income level... Quite honestly, I see Kansas City as the next Denver as people keep looking for more affordable places to live and work. We are certainly very well priced in the market for exceptional value.” -Aaron Rumple, Yaeger Architecture

“Boomers want larger units and more bonus space or an extra den area. Storage is very important to them. Millennials, on the other hand, are more concerned about walkability. They value space a little less and they place more value on amenities and the social aspect of amenities spaces in technology.” -Justin Duff, VanTrust Real Estate

“The amenity stuff keeps getting better and better, particularly with pools and clubhouses. On the technology side, we’re adding USB outlets inside the units and trying to accommodate what’s going to be standard technology as it grows. We’ve built penthouse units for a couple of projects. Those are the first to go, and usually the Boomers get them." -Aaron Neighbors, Neighbors Construction

“The new stuff is always going to fill up, and the reason is that those offer the best property and best amenities. It’s where people want to live. So we are building in places where the jobs are going, and then it’s not a question of ‘Will the new stuff fill up?’ It’s a matter of, ‘At what number will it fill up? Will you meet the pro forma, and will you hit your rents?' " -Aaron Mesmer, Block Real Estate Services

“Paramount to any development is having the best site selection-- access to highways, jobs and amenities-- because when people move into an apartment anymore, there are so many good options out there, you really have to have that ‘wow’ factor. So you need to be able to have people move into something where there’s a sense of place and they have to feel that they have 'arrived' somewhere.” -Mike McKeen, EPC Properties

“I think Kansas City-- the municipality-- really wants to expand opportunities for economic diversity. A lot of projects that we are seeing in the Historic Northeast area are all mixed-income products, so you are divvying up affordable versus market rate and really bringing more diversity into the neighborhood.” -Rachel Treanor, 4Sight Construction Group

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