Over the past decade, Kansas City has been a city with increasing median home prices, but a falling housing supply. As a result, commercial developers are building a plethora of much need multifamily housing and affordable housing projects throughout the city.
What’s New?
At the end of 2021, Colliers reported 12.7 million square feet of industrial real estate under construction. The city is well-positioned to continue adding to its industrial supply as e-commerce demand has made additional industrial space necessary.
Block Real Estate Services reported 185,500 units of multifamily real estate in the KC metro area with an average vacancy rate of 5.60%. There is heavy demand in the sector as vacancy decreases, and sales prices rise.
The Downtown Council has revealed 10-year plans for Kansas City development. Some notable points include growing green spaces, increasing affordable housing, and expanding the streetcar to extend the city’s boundaries.
According to KC Global Design, there are over 500 architecture, construction and engineering companies in Kansas City. Some of these companies are among world leaders, and it’s rare to find a big project that a KC firm is not working on. This strong base will continue to drive expansion and relocation to the city.
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Exciting Projects Transforming Kansas City
After 16 years, a proposed redevelopment of the former Mission Center Mall will finally occur. NYC developers Cameron Group LLC and GFI Development Co. plan a $268 million mixed-use project with a food hall and multifamily building. The project is estimated to complete in 2025.
Ryan Companies has a $5 billion, 325-acre mixed-use campus called The Glade scheduled for Phase 1 later this year. The project will have a 120,000 square foot life science and office building and a 100,000 square foot commercial greenhouse in its initial phase.
Lenexa, KS-based Metcalf 108 Redevelopment LLC, proposed a new incentive plan for its planned "attainable" housing project. The project will also comply with the National Green Building Systems by using energy-efficient methods such as radiation mediation. Projects like this will bring greener construction and living options for a higher population of the city.
In October, the Kansas City Current women’s soccer team announced a planned $70M, 11,000 seat stadium in the Berkley Riverfront neighborhood. The project is scheduled to start construction in mid-2022 and will bring more projects and attention to the riverfront area. The stadium will be the first built specifically for a top-tier women’s soccer team in the USA.
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