KCMO Purchases Parade Park Homes, $275M Redevelopment Project to Follow

Posted March 12, 2024

The City of Kansas City, Mo. has successfully purchased the 510-unit Parade Park Homes townhome complex in a foreclosure sale. Now the complex will undergo a $275 million redevelopment project.

On Monday, Kansas City purchased the Parade Park Homes complex in a foreclosure sale and subsequently given to Flaherty & Collins Development and Twelfth Street Heritage Corporation. In 2022, the U.S. Department of Housing and Urban Development (HUD) assumed control of a historic housing complex. The following year, HUD announced it would foreclose on the complex. The foreclosure bid amount was set at $11,994,175.02.

The Parade Park Homes redevelopment plan includes more than 1,000 new housing units, according to a statement from Kansas City Mayor Quinton Lucas Monday. The plan focuses on purpose-built affordable senior housing and homeownership opportunities for residents of all income levels.

“Since my first week as a City Councilman, as mayor, and through two presidential administrations, I have fought to return dignified housing and development to Parade Park, a crown jewel of Kansas City’s East Side, our Black community, and our entire city,” Lucas said in the statement. “For my family and so many of our neighbors, I thank President Joe Biden, HUD Secretary Marcia Fudge, Congressman Emanuel Cleaver and all who worked with the City of Kansas City over the years to ensure we did right by Parade Park residents.”

Flaherty & Collins has started engaging with residents to set up new leases, according to the city. Residents who are not income-eligible for Tenant Protection Vouchers will be eligible for an affordable unit after redevelopment.

The historic housing complex, located in the 18th and Vine district, was built in 1963 and was one of the first Black-owned housing co-ops in the United States.