Newmark Grubb Zimmer brokered the sale of the Uptown Shoppes retail center in the Midtown neighborhood of Kansas City, Missouri, paving way for the Uptown Lofts, a $55 million-dollar mixed-use apartment complex.
The Uptown Lofts will feature 223 apartment units and upwards of 50,000 sf of retail space. The current shopping center located at Valentine Road and Broadway Boulevard is 40 percent occupied. The remaining vacant shops are to be filled based on the desires and needs of the neighborhood.
The Uptown Lofts will provide a significant boost to the community with the enhancement to Broadway Boulevard and by providing affordable rents to those living and working in the surrounding area. The development will also serve as an asset to the Uptown Theater located across the street, creating more than 300 additional controlled parking spaces for the venue.
Joyce Murray, Managing Director, Principal of Newmark Grubb Zimmer represented the owner in the sale transaction of shopping center. The project is scheduled to break ground late spring 2019.