City officials hope new downtown development helps Power & Light - KCTV5

City officials hope new downtown development helps Power & Light's financial situation

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KANSAS CITY, MO (KCTV) -

People could soon see a change to the downtown Kansas City skyline as there's a proposal on the table to build a high-rise apartment building in the Power and Light District.

Lauren Kalafatich is brand new to Kansas City, still learning her way. But, before she'd ever arrived, there's one thing she'd heard plenty about.

"Power and Light District, definitely," she said.

So Kalafatich was surprised she couldn't find an apartment to rent down in the area.

Five to 10 blocks from the Power and Light District is how far Boveri Realty said the closest apartments are to Power & Light right now, adding what does exist downtown is 98 percent full.

"We have such an influx of people wanting to be downtown right and we do not have the property to support the demand," Andrea Buettner with Boveri Realty said.

City leaders are hoping to help with the influx by subsidizing a new 23-story apartment tower at 13th and Walnut Street and renovating the nearby Midland Office Building. The changes would mean space for upwards of 400 new residents.

City officials said it was always part of the plan to build new housing in Power & Light too, but they suffered some setbacks.

"We ran headlong into the residential, financial market crash," Danny Rotert, the mayor's communications director, said.

The city said now is the time to finish those plans.

But, for some people, it's a tough sell to add more money into Power & Light, since the businesses there are not hitting their targeted revenues, and the city already pays $10 to $15 million a year to make up the gap.

"The city wishes we could pay less for Power & Light, and that's part of the intent of building the residential tower - that every dollar that's spent by those residents in Power & Light, is tax dollars that are going to come to city hall and come to pay off bonds on Power & Light," Rotert said.

People who spoke with KCTV5 downtown Thursday said they're willing to give the change a try.

"You gotta give something a chance to work," one person said.

Many are hoping it's the last step to make the Power & Light District a success.

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