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Apr. 5, 2013

Gladstone Announce $28M Mixed-Use Project to be Developed by Flaherty & Collins

By Gabriel Circiog, Associate Editor

Gladstone officials have announced plans for a $28 million apartment-retail project in downtown Gladstone. The project is set to be developed and managed by Indianapolis-based Flaherty & Collins Properties, The Kansas City Star reports. The development will include 222 market-rate apartments, 10,000 square feet of retail space and a 272-space interior surface parking lot.

The apartment development, dubbed the Heights at Linden Square, is part of a plan undertaken by Gladstone officials to build a new city center in the area which already includes a two-story office building. The office buildings are set to open in June, and will include the North Kansas City Schools Natatorium and the Gladstone Community Center. The apartment project’s site is located at the southeast corner of North Locust Street and Northeast 70th Street, an area referred to by local officials as Linden Square.

Around 50 percent of the apartments at the Heights at Linden Square will be one-bedrooms; 26 percent two-bedrooms; 5 percent studio units; and the balance will be two-level, two-bedroom units which will also include attached garages.

The mayor said a Chapter 100 incentive, with a 25-year property tax abatement on the project, is being provided to the developer. The city will issue bonds to finance the development, which will be repaid by the developer. The developer will also invest around $3 million in infrastructure works for the apartment project, including streets and sewers improvement. Construction is scheduled to start in the summer, and the first apartments are expected to be finalized and ready for occupancy in 2014.

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Rendering Courtesy of: www.flahertycollins.com