Jazz Hill Homes

1000 Paseo Boulevard Kansas City, MO 64106
Status: Available
Year Built: 1904-1912
Price: UNRPRICED OFFERING
For more information please contact:
jeff@lihtcadvisors.com
In Cooperation with:

Wilhoit Properties

# of Units: 197
# of Buildings: 11
# of Stories: 3-6
Rentable SF: 124,645
Lot Size: 3.73 Acres
Density: 53.08 Units/Acre

Highlights:

  • The Current Owner has Positioned the Property and Established the Framework for a Rehabilitation Utilizing Federal Tax Credits, as well as, State and Federal Historic Credits
  • Excellent AMI Growth in Jackson County with a 13.59% Increase Since 2016; FMR’s Have also Increased 10.65% From 2018 to 2019
  • Located in the Historic Downtown Area of Kansas City with Access to Public Transportation, Local Restaurants, and Entertainment- Such as the Historic Jazz District
  • Kansas City is Headquarters to Numerous Fortune 1000 Companies that Include Hallmark Cards, Great Plain Energy, and H & R Block
  • The Property was Approved for a 25 Year Tax Abatement with the First 10 Years being 100% Exempted and the Following 15 Years being 50% Exempted for a Total Estimated Savings of Around $2.0 Million
  • A Sales Tax Exemption Approval was Received on the Property Worth an Estimated $300K to $500K in Savings
  • The Project Received a Bond Resolution of $9.5 Million
  • The Property is Located within an Opportunity Zone

Description:

Jazz Hill Homes is an affordable housing community located in Kansas City, MO on historic Paseo Boulevard. The property is a scattered site consisting of 11 buildings with a total of 197-units. Located across from the Historic Boulevard Greenway featuring fountains and seating and Downtown Kansas City, public parks, schools, shopping, employment, entertainment, dining options, and major transportation arteries are just a short drive away.

The Historic Jazz District is nearby on 18th & Vine and is known for music clubs and two of the city’s most acclaimed museums- the American Jazz Museum, which hosts concerts and displays artifacts like a Louis Armstrong trumpet, and in the same building, the Negro Leagues Baseball Museum, which has 19th-century memorabilia and a gift shop selling rare and autographed items. Popular, no-frills BBQ joints include the iconic Arthur Bryant’s BBQ restaurant, dating back to the 1920’s.

The property was built in the early 1900’s and rehabbed and placed into service in 2000, 2001, and 2002 under the Section 42 LIHTC program. There is an existing regulatory agreement in place which requires all units to be rented to income qualifying residents earning no more than 60% of Area Medium Income (AMI) limits, which are provided by Missouri Housing Development Commission. The property has been positioned to undergo a rehabilitation utilizing Federal, State, and Historic Tax Credits.

Jazz Hill is comprised of studios, one, and two bedroom apartments homes with unique floorplans. Residents benefit from amenities such as 24-hour emergency maintenance service, on-site laundry facilities, controlled access, easy access to city bus routes, community room/leasing center, and historic charm. Security camera’s are also scheduled as part of the properties recent improvements. Apartment amenities include walk-in closets*, full appliance package, and private patios/balconies*. Area amenities include shopping, the Sprint Center, Jazz District, access to interstate highways, and many historic landmarks.

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