By: Thomas Friestad
Block Real Estate Services LLC plans to start construction next year on a 303-unit multifamily development in Olathe. But first the company seeks to refresh an agreed-upon city tax abatement that otherwise could expire before work begins.
The Olathe City Council adopted a resolution of intent on March 6, 2018, to issue Block as much as $53.9 million in industrial revenue bonds, providing for a nine-year, 100% tax abatement for The Clearing at Anderson Pointe.
The project includes 255 apartments, 48 townhomes and associated amenities on a 17.4-acre site at the northwest corner of Black Bob Road and Indian Creek Parkway, where the Indian Creek Library branch closed in March 2016.
The city's resolution of intent was set to automatically terminate if the bonds or a building permit weren't issued after three years, on March 6, 2021. Block wants the city to extend that date one year, into 2022, to account for several obstacles that resulted in delays.
Relocating a city maintenance facility and Google Fiber hut kept the developer from taking site control until December 2018, according to a recent letter to Olathe officials from Aaron Mesmer, Block's senior vice president of development and acquisitions.
Read the full article at: https://www.bizjournals.com/kansascity/news/2020/10/06/block-real-estate-clearing-anderson-pointe-olathe.html