Twelfth Street Heritage Development Corporation and Flaherty & Collins Properties have announced the groundbreaking of Jazz Hill, a 197-unit affordable housing community in Kansas City, Missouri. Jazz Hill will be a $35 million historic preservation of 11 buildings along The Paseo, a historic boulevard between Ninth and 14th streets in downtown Kansas City.
“When we got the opportunity to work on Jazz Hill with Flaherty & Collins Properties, it made sense to jump on board,” said Dwayne Williams, President and CEO of Twelfth Street Heritage. “We wanted to take care of the neighborhood and bring back what’s turning out to be an awesome boulevard.”
The large brick apartment buildings set to be renovated were built between 1896 and 1906. Eight of the 11 buildings are currently vacant.
“Jazz Hill represents what affordable housing and historic preservation can be and what it can do to help revitalize historic buildings,” said Drew Rosenbarger, Vice President of Development and for Flaherty & Collins Properties. “This was an extremely complex and layered deal, and we would not have been able to do it without our partnership with Dwayne and Twelfth Street Heritage. It all serves to provide quality affordable housing to Jazz Hill residents and preserve these truly remarkable historic buildings.”
Jazz Hill was financed with 4% Low Income Housing Tax Credits from MHDC, Federal and State Historic Tax Credits and tax-exempt bonds from the PIEA. Merchants Capital is the LIHTC investor, and Federal Historic Tax Credit investor, construction lender and provided Freddie Mac permanent financing. Monarch Capital is the State Historic Tax Credit investor. Kansas City provided $4.12 million in CCED funds.
Twelfth Street Heritage and Flaherty & Collins Properties became involved in the redevelopment of Jazz Hill in August 2020, when previous attempts to renovate the buildings did not move forward. The buildings will be completed and opened on a staggered basis over the next 16 months and each unit will receive over $100,000 in renovations, which include preserving the masonry, historic windows, porches and columns, while providing all new appliances, HVAC, roofs, flooring, bathrooms, cabinets, lighting, and elevators. The buildings were converted to public housing in 1975 and later renovated using the historic tax credit program in 2000.
“Seeing the financing close and this project become a reality is really what motivates us,” added Rosenbarger. “Our team has a lot of experience with these complex affordable projects that feature historic tax credits. It takes commitment and collaboration to see these through.”
Jazz Hill will include 14 studio, 147 one-bedroom and 36 two-bedroom units. The monthly rents are estimated at $600 for a studio, $725 for a one-bedroom and $825 for a two-bedroom.
Centric will serve as the general contractor for the project, with historic preservation provided by Rosin Preservation and Hive serves as the project architect. Jazz Hill should conclude renovations in mid-2024. Flaherty & Collins Properties has also been managing Jazz Hill since last summer and will continue in that role.
In order to build strong communities a community must mobilize and sustain strong neighborhoods. Strong neighborhoods are the backbone to strong communities, inclusive of business growth and tax. Twelfth Street Heritage Development Corporation promotes community development through the following methods:
Staff works to educate leaders in the community who volunteer to learn about crime prevention,neighborhood safety, and home ownership.
Facilitating meetings between community leaders, volunteers, neighborhood associations, tenant association and the police department.
Along with the police department, training these entities to set strategic goals for reporting crime and drug activities.
In partnership with the police department, monitor the levels of crime and drug activities in their area through statistical data.
Distribute information regarding resources that will empower these entities to be proactive in creating a drug free and safe environment.
Bridge the gap between the adults and youth in the community by encouraging and soliciting their participation in the youth mentoring program.