Work has begun on Market Lofts, a 36-unit apartment building in the heart of downtown Overland Park at 80th and Marty streets.
Developer Paul Goehausen said the $10.8 million development was first envisioned as a condo project back in 2007 when he bought the property. By the time the project was approved by the city however, it was 2008 and the “market had gone to pot” because of the recession.
“I’m glad I waited,” he said. “I think it will be a great project and it will work great as rentals. I’m gearing it to the over 40 market.”
The 36 apartments will be 50-50 blend of one- and two-bedroom apartments. Goehausen believes they’ll appeal to an older demographic because of their spaciousness. One-bedroom apartments will be about 1,000 square-feet, the two-bedroom units 1,350 square feet.
The monthly rents are expected to range from $1,400- to $1,800, and parking will cost $50 per space. The development’s 43-space garage is beneath the apartments.
The first floor will include 5,700 square-feet of retail space. Goehausen said the development should blend well with the pedestrian environment of downtown Overland Park. He also noted that most of the people inquiring about units live within 3 miles of the project.
Market Space is one of several new apartment developments in and near downtown Overland Park that will be adding several hundred units to the area. Construction is well along on the 218-unit Avenue 80 project at 80th and Metcalf, and the 41-unit InterUrban Lofts project at 79th and Conser.
“It’s amazing what it’s going to do to downtown Overland Park,” Goehausen said.