Developer NorthPoint Requests Tax Incentives for $41M Apartment Complex

Posted March 19, 2024

NorthPoint Development is requesting tax incentives from the Port Authority of Kansas City regarding its upcoming $41 million apartment complex.

During a committee development meeting last week, NorthPoint proposed a real property tax exemption and sales tax exemption for construction materials used to develop phase two of the CORE apartments. The development is located at the Berkely Riverfront and would bring 152 new apartment units on a 2.1-acre site.

The property tax exemption would span 22 years and would start at 75 percent for years 1-2; 60 percent for years 3-7; 45 percent for years 8-12; 25 percent for years 13-17; and 10 percent for years 18-22. The exemption is valued at over $2.43 million and would generate over $4.09 million in tax compliance payments.

The 152 units will be comprised of 29 studio apartments, 76 one-bedroom and 47 two-bedrooms. NorthPoint is also planning to rent out 15 percent of the apartments, 15 studios and eight one-bedroom apartments, at 70 percent of the median family income (MFI). The monthly rent price for the studios would be $1,281 while the one-bedrooms will go for $1,464.

In January, NorthPoint proposed its plans for phase two of the CORE apartments following Port KC’s decision not to extend a contract with St. Louis-based developer Lux Living.

Port KC will consider NorthPoint’s tax incentive proposal at the next board of commissioners meeting on Monday, March, 25.