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Proposed Briarcliff apartment project seeks bond incentive

Real estate developers are hoping to receive an incentive to build a 256-unit apartment complex to be named Briarcliff Apartments. Later this month, the project could be approved for as much as $50 million in bonds for the development.

A real estate project that could potentially deliver more apartments is seeking incentives to build.

Opus Group and Balboa Real Estate Partners revealed plans to build a 256-unit apartment complex on a former Kansas City Power & Light District dump site.

The multifamily development project is estimated to have a price tag of $54.5 million to build just north of the river.

If approved for incentives, the complex would be called Briarcliff Apartments and, due to a recently passed affordable housing ordinance, would set aside a portion of its units for affordable housing. Around 15 percent of apartments would be set aside for tenants with incomes up to 70 percent of the city’s median family income.

A Port KC full board meeting on Feb. 22 could approve as much as $50 million in bonds to developers, which would provide a 15-year property tax abatement and sales tax exemption on construction materials.

The abatement would begin at 65 percent between years one and eight, decrease to 60 percent in year nine and shrink annually down to 10 percent by year 15.