Milhaus has closed on its 10th multifamily development in the Kansas City market. The $58 million Qualified Opportunity Zone development located on Diamond Parkway in North Kansas City, Missouri, will offer 275 studio, one-, two- and three-bedroom apartment units.
As part of the One North Redevelopment area in North Kansas City, this apartment community will be Milhaus’ ninth QOZ project development in the country and its third QOZ project in the Kansas City metropolitan area. The One North project will join sister communities Arrello (located in downtown Olathe, Kansas) and Urbane (part of The Glade community located 11 miles from downtown Kansas City). Both communities are now leasing.
Qualified Opportunity Zones were established by the Tax Cuts and Jobs Act of 2017 to spur economic development and job creation. The program incentivizes investment in underserved communities via significant investor tax benefits with respect to current and future capital gains. A widely recognized leader in multifamily QOZ investments, Milhaus manages more than $500 million in QOZ assets across nine single-asset Qualified Opportunity Zone Funds.
The apartments will be an addition to the historical town of North Kansas City, which is quickly becoming a preferred location for young professionals. Formerly an industrial area, many of the buildings in North Kansas City are being repurposed for offices, retail shops and restaurants amid growth that is fueled by the resurgence of Downtown Kansas City. Residents will have access to a multitude of dining and entertainment options located on the main retail center along Armour Boulevard such as rock climbing, movie theaters and local breweries and eateries.
The development will include amenities such as local artist installations, skyline views, a bark park, a coffee + tea bar, grills and fire pits, fitness and yoga centers, a pool and sundeck, bike parking, charging ports for electric vehicles and a total of 451 parking spaces, including 24 covered garage stalls.
Great Southern Bank provided the construction loan for the project.
To complete this new development, Milhaus has partnered with architect Rosemann & Associates, interior design firm Basicollective, and civil engineer Renaissance Infrastructure. This project is Milhaus’ 10th in the Kansas City metropolitan area and will bring Milhaus’ total apartments in the area to over 2,000 units. Construction begins this fall and is set for completion in October 2024.
