An estimated $16 million mixed-use project called The Lofts is getting off the ground in Lenexa City Center East Village.
The proposed project at the southeast corner of 87th Street Parkway and Renner Boulevard would comprise a five-story, horseshoe-shaped building with about 10,000 square feet of office space on the first floor and 67 apartments on the second through fifth floors, and a two-level parking structure. The Lenexa City Council unanimously approved the project’s preliminary plan last week.
Hal Shapiro, principal with The Lofts’ developer, REAL Property Group, based in Kansas City, Mo., said he hoped to break ground in March 2019 and finish the project in May 2020. The 67 apartments would occupy about 58,000 square feet of rentable space, with roughly 17,000 square feet of additional space for common areas.
Shapiro called the residential units “boutique apartments” that would be “small, artsy and cool.” Rents would range from roughly $950 for a 530-square-foot studio to about $2,200 for a 1,450-square-foot two-bedroom apartment.
Shapiro said he was in the early stages of seeking tax-increment financing (TIF) and a sales tax exemption for the project. He had no estimated dollar value of the public financing assistance.
“The project specifically is targeted to folks who want to live in a smaller property in a walkable community (which is City Center’s plan),” he said.
The Lenexa Planning Commission recommended approval of the project’s preliminary plan at its Aug. 6 meeting, and city staff also recommended its approval.
The Lofts would sit immediately south of another mixed-use project called The Yard, whose final plan the council also unanimously approved last week. The estimated $15 million development would include offices, two restaurants and outdoor entertainment. Scott Anderson of CRQ Development is the project’s lead developer. He said he hoped to break ground early next year and complete the project by the summer of 2020. He is seeking about $2 million of public financing incentives through TIF and the creation of a community improvement district (CID).