November 15, 2016

Despite 2018 opening date Two Light units are leasing fast

View article on BizJournals.com

Marketing for Two Light, the second of four high-rise apartment buildings Cordish Co. plans to develop within its downtown Power & Light District, didn't begin until Tuesday, and the 24-story project won't be completed until June 2018.

Nevertheless, 26 of Two Light's 296 units have already been leased, said Marnie Sauls, Cordish's director of residential management.

Sauls was on hand during a recent tour of the Two Light leasing center, which was scheduled to open Tuesday at 1251 Main St. The leasing center includes a full-size model of one of the one-bedroom floor plans that will be available in Two Light.

In addition, Cordish was scheduled to launch a new website, twolightkc.com, on Tuesday that will allow prospective tenants to virtually check out the views from each yet-to-be-completed unit in Two Light.

Located at the corner of Walnut Street and Truman Road, where ground for the project was broken in March, Two Light will include one- and two-bedroom units, including a couple of two-story penthouse units, one on the 21st and 22nd floors, the other on the 23rd and 24th floors.

The units, which range in size from 590 to 1,556 square feet, are expected to lease at least as quickly as those in One Light, a 307-unit tower that opened with 85 percent occupancy last December and now is fully leased, said Jen DeMeyer, manager of leasing and communications for One Light and Two Light.

Nick Benjamin, executive director of the Power & Light District, said Two Light's quick lease-up is expected despite the fact that an increase in construction costs have driven an increase in monthly rents.

According to Benjamin, Two Light's total development cost was initially estimated at $105 million but now is expected to come in at more than $120 million.

As a result, Two Light's rents will average a top-of-the-market $2.25 a square foot, compared to the average $1.85-a-foot rents that One Light opened with.

Like One Light, Benjamin said, Two Light's interior finishes will be on par with those at the top luxury apartment markets in large metros like Chicago and Dallas.

The kitchens, for instance, will feature upscale features such as quartz countertops, large islands, and cabinets with both glistening white and washed wood finishes. Bathrooms feature touches like marble shower surrounds.

Unlike at One Light, DeMeyer added, Two Light tenants will have their choice between two interior color palettes, one light and one darker.

Two Light also will feature different amenities, including an eighth floor amenity deck with indoor and outdoor pools and a floating sundeck where tenants can sip signature cocktails from a full-service bar.

A private spa, a "quiet lounge" and fireside seating areas are among Two Light's many cozy retreats, DeMeyer said. And tenants will be further pampered by monthly wine tastings and other exclusive events provided by Two Light's concierge and certified sommelier.

According to Benjamin, thousands of new apartments will be opening in the downtown area during the 18 or 19 months prior to Two Light's opening. But he is counting on the project's unique appeal to attract a continuation of the high-level corporate officers, professional athletes and others who flocked to One Light.

Two Light, which also will feature 450 parking spaces on seven levels, was designed by Baltimore-based Hord Coplan Macht Inc. and is being built by J.E. Dunn Construction of Kansas City.