THE CORDISH COMPANIES TO TRANSFORM HISTORIC DOWNTOWN KANSAS CITY BUILDING INTO MODERN, AMENITY-PACKED, AFFORDABLE APARTMENTS
THE $25 MILLION ‘SAXON AT THE MIDLAND’ WILL OFFER 117 AFFORDABLY PRICED, SLEEKLY DESIGNED UNITS FOR UNDER $1,100 PER MONTH
Kansas City, MO (May 10, 2019) –The Cordish Companies is excited to unveil its plans to transform the historic 12-story Midland Office Building in downtown Kansas City into The Saxon at the Midland - a vibrant living community with multiple price points for renters.
Located at 1221 Baltimore Ave., adjacent to (west of) the Arvest Bank Theatre at The Midland, The Saxon will include 117 units available for rent, averaging 447 sq. feet per unit, and will feature multiple floor-plans with one-bedroom and studio options within three size footprints.
“To see our downtown neighborhood grow in recent years has truly been a point of pride for us here in Kansas City,” said Nick Benjamin, Executive Director of the Power & Light District and Managing Director of Multifamily Development for The Cordish Companies. “We’re eager to add another important piece to our thriving downtown landscape. Our goal is to make downtown KC more accessible so more people choose to live here, and create density that Kansas City has not experienced in generations. This project is a significant step in that direction and we believe it will catalyze more moderately priced multifamily development.”
The majority of the units are 518 sq. foot, one-bedroom apartments. Some of the smaller units will use functional features such as Murphy beds to maximize living space. Each unit will rent for less than $1,100 per month. Fifty percent of the apartments will be available for rent for under $950 per month and unit pricing will start as low as $700 per month.
Amenities will include an impressive street-level lobby with large windows bringing in natural light, and multiple lounge areas for conversation and entertainment. There will also be a conference room for use by the residents and a fitness center. The Saxon will sit in the midst of the burgeoning downtown Power & Light District neighborhood, steps away from Cosentino’s Downtown Market, Onelife Fitness, KC Streetcar line and dozens of restaurants, shops, and entertainment venues.
Local Kansas City architecture and design firm, Helix, will design the project. The firm also was involved in the design of Two Light Luxury Apartments. Plans reflect the rich history and unique character of the Midland office building and theatre, while channeling the fine finishings and design of the popular One Light and Two Light Luxury Apartments.
“To couple the history of this building with modern, functional designs and floor plans will create a one-of-a-kind living community in the heart of downtown in the Power & Light District,” said Jay Tomlinson, FAIA, Founding Principal at Helix. “It will complement the neighborhood perfectly, providing affordable living options with living spaces and common-area amenities that rival the luxury of One Light and Two Light.”
The project will help meet the needs of a growing downtown community, Benjamin said.
“We are entering another level of downtown living,” he said. “We hear every day that Kansas Citians want more options when it comes to downtown living. More price points, and different sizes and footprints. It’s exciting that more and more people want to be downtown and we want to be at the forefront of making the downtown experience accessible for as many people as possible.”
The vision for this project is more robust than what the original agreement between The Cordish Companies and the City of Kansas City, Mo. outlined. Original plans called for Cordish to build 68 apartments within the building. The revised plans have 117 total units. As part of the recent amendment to its development agreement with the City of Kansas City, Cordish agreed in 2018 that 1/3 of the units in the Midland would be affordable for renters making 80% of the area median income. The revised plans now offer 100 percent of the apartments below this rate.
The payments in lieu of taxes (PILOT) for this project, which was established in 2012, was based on 67 units and was intended to represent a 50% abatement of market real estate taxes for the project. With the increase in units, Cordish’s tax bill will increase by 70 percent from what was anticipated. It will now total more than $3.5 million over the first 25 years, an increase of almost $2 million that will be paid to the taxing jurisdictions.
Construction is set to begin in the first quarter of 2020.
Built in the 1920s, the Midland office building has a storied history in Kansas City as the headquarters of the National Collegiate Athletic Association from the 1950s to 1971, and was at one time owned by and served as the headquarters for AMC Theatres. For a short stint, in the 1960s, the adjacent theatre was named “The Saxon.”
About The Kansas City Power & Light District
The Kansas City Power & Light District is a vibrant nine-block neighborhood in the heart of downtown Kansas City that is redefining the City from its skyline to its sidewalks. The District links together the Bartle Hall Convention Center, the Sprint Center, offices, hotels, entertainment, cultural destinations and residential developments. The combination of entertainment, shopping, nightlife and residential with the District’s imaginative and innovative design, has created an intriguing 24/7 neighborhood. For more information, visit www.powerandlightdistrict.com.
About The Cordish Companies
The Cordish Companies’ origins date back to 1910 and encompass four generations of privately-held, family ownership. During the past ten decades, The Cordish Companies has grown into a global leader in Commercial Real Estate; Entertainment Districts; Sports-Anchored Developments; Gaming; Hotels; Residential Properties; Restaurants; International Development; Coworking Spaces; and Private Equity. One of the largest and most respected developers in the world, The Cordish Companies has been awarded an unprecedented seven Urban Land Institute Awards for Excellence for public-private developments that are of unique significance to the cities in which they are located. The Cordish Companies has developed and operates highly acclaimed dining, entertainment and hospitality destinations throughout the United States, many falling under The Cordish Companies’ Live! Brand, highly regarded as one of the premier entertainment brands in the country. Welcoming over 50 million visitors per year, these developments are among the highest profile dining, entertainment, gaming, hotel and sports-anchored destinations in the country. Over the generations, The Cordish Companies has remained true to the family’s core values of quality, entrepreneurial spirit, long-term personal relationships and integrity. As a testimony to the long-term vision of its family leadership, The Cordish Companies still owns and manages virtually every business it has created. For more information visit www.cordish.com or follow us on Twitter.
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