Lund Ross Construction

531 Grand apartment project in River Market nears kickoff

Block Real Estate Services and Omaha-based Cornerstone Associates LLC are getting ready to officially begin construction on a new 140-unit apartment project in the River Market. A ceremony on April 6th at 10 a.m. will mark the official start of construction.

The development consists of a mix of studio, one- and two-bedroom units with a 140-stall parking garage. On the ground floor of the building, the developer is planning for 10,000-square-feet of retail space with frontage along Grand Boulevard. The lobby entrance to the building will run along Missouri Ave. on the north facing side of the building.

Amenities for the project include a private outdoor swimming pool and patio space on top of that parking garage. It will also have a fitness center, club room, and private balconies.

The Planned Industrial Expansion Authority has stamped its approval on an incentive package for the developers that will include a 15-year property tax abatement. For the first 10 years, the project will receive a 100 percent tax abatement, but will pay $12,000 annual payments in lieu of taxes during that time. In the remaining 5 years, the project will get a 50 percent abatement.

The project team includes NSPJ Architects as architect, Taliaferro & Browne as engineer, and Lund Ross Construction as general contractor.