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Summary: Developer Drops 254-Apartment Plan at Berkley Riverfront; Port KC Searches for New Builder
- The developer of a 254-apartment project at Berkley Riverfront has dropped the plan after failing to secure a property tax abatement and the expiration of its sale agreement with Port KC.
- Despite receiving final plan approval, the project faced significant setbacks, leading to its cancellation.
- Port KC is now searching for a new builder to take on the development project.
Implications of Developer Dropping Berkley Riverfront Apartment Plan
The developer of a 254-apartment project at Berkley Riverfront has dropped the plan after facing two significant setbacks: the failure to secure a property tax abatement and the expiration of its sale agreement with Port KC. Although the project had received final plan approval, these challenges ultimately led to its cancellation.
Port KC is now searching for a new builder to take on the development project, which could potentially delay the construction timeline and impact the overall development of the Berkley Riverfront area. The situation highlights the importance of securing necessary financial incentives and agreements for large-scale development projects and the potential consequences when these elements are not in place.
In conclusion, the cancellation of the 254-apartment project at Berkley Riverfront due to the developer’s failure to secure a property tax abatement and the expiration of its sale agreement with Port KC highlights the challenges faced in large-scale development projects. Port KC is now searching for a new builder to take on the project, potentially impacting the overall development of the Berkley Riverfront area.
Orginal article: Link To Article – provided by Kansas City Realtors
