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New England Building | Downtown | Residential (32 Units)

renovation
downtown
residential
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(Adam Jones) #1

The historic New England Building at 112 W. 9th street is slated for redevelopment into apartments!

The historic New England Building is the latest downtown apartment conversion target.

On Wednesday, New England Lofts LLC will seek a 10-year property tax abatement from the Land Clearance for Redevelopment Authority for its $8.5 million plan to turn the largely vacant seven-story building and an annex into 32 market-rate apartments.

Known for its richly ornamented brownstone façade, the building was constructed at Ninth and Wyandotte streets to house the Kansas City office of New England Mutual Life Insurance Co. of Boston. Two other New England-based companies — the New England Safe Deposit and Trust Co. and the New England National Bank — rented space in the building.

According to a 1973 application that led to the building’s inclusion on the National Register of Historic Places, the structure was completed in 1887, during one of Kansas City’s greatest building booms.

“During 1887,” the application states, “5,455 buildings … were constructed in Kansas City. Kansas City became the tenth largest city in the United States at that time.”

New England Lofts LLC plans to use federal and state historic tax credits, owner equity and a first mortgage from Equity Bank to finance acquisition and rehabilitation of the property. It was recently acquired from Rick Powell, who has owned and restored multiple historic downtown properties.

Located less than two blocks from the new streetcar line, the New England Lofts project will create 32 studio, one-bedroom and two-bedroom units that will rent for an average of $1.38 a square foot.

New England Lofts LLC includes John Bennett Jr. of Embassy Properties Inc.


(Bob Specht) #2