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The Cordish Companies, responsible for the development of One Light and Two Light, have laid out the plan moving forward on development of affordable housing in the former Midland office building, according to a news release from Baltimore-based developer.
Estimated to cost around $25 million, the plan includes the construction of 117 apartments.
Now named Saxon at the Midland, the project has what the developer defines as affordable housing, with 50 percent of the one-bedroom and studio units renting for less than $950 and no unit going for more than $1,100 a month, the release said.
Part of a deal between Cordish and Kansas City, the decision was made to redevelop the office space as more moderately priced apartments when Cordish was granted incentives for its next luxury high-rise, Three Light.
This project will also seek a $1 million, 25-year tax abatement from the Planned Industrial Expansion Authority of Kansas City, according to the release.
The project will include resident lounges and a conference room and fitness center. The bulk of the units will be 518-square-foot, one-bedroom apartments. Units throughout the entire complex will average 447 square feet.
With the addition, the project is said to add needed density to downtown Kansas City and could help increase additional lower-priced apartment options than what’s available, Nick Benjamin said, executive director of the Kansas City Power & Light District and Cordish’s managing director of multifamily development.
“We are entering another level of downtown living,” Benjamin said. “We hear every day that Kansas Citians want more options when it comes to downtown living. More price points, and different sizes and footprints. It’s exciting that more and more people want to be downtown, and we want to be at the forefront of making the downtown experience accessible for as many people as possible.”