Kansas City Riverfront Housing Kaput As Developer Confronts Feds

This scheme down by the river suffered a setback.

Here's the cover story for a plan that's mostly based on cheap money and questionable real estate strategy:

"In May 2022, Lux failed to secure a desired 25-year property tax abatement for a seven-story complex with 254 units and 2,598 square feet of commercial space from the Port Authority of Kansas City. Opposition from numerous residents — who cited tenant complaints and municipal and legal concerns reported about Lux projects in its native St. Louis — resulted in a final vote falling through. Nevertheless, Lux went on that September to net final plan approval from the City Plan Commission to build the apartments on about 2.2 acres.

"However, more recently, a purchase and sale agreement between Lux and the Port Authority of Kansas City for the site expired in late July, port officials confirmed."

Read more via www.TonysKansasCity.com link . . .

Developer drops 254-apartment plan at Berkley Riverfront; Port KC searches for a new builder - Kansas City Business Journal

Although the 254-apartment project won final plan approval, the developer suffered two serious blows: It failed to secure a property tax abatement, and its sale agreement with Port KC expired.