Pre-development Planning
Market Assessment
Development Agreement Negotiations
Public Incentives Negotiations
Financial Modeling
Development Team Selection
Supplier Diversity
Design and Construction Management
Master Budget Development
Master Schedule Development
Project Accounting and Management
After a competitive bid process, in late 2019, the Kansas City Area Transportation Authority (KCATA) selected the joint development team of CBC Real Estate Group and EPC Real Estate Group — ownership group will form a new entity known as “3G Development, LLC” — as the developer of a $65 million transit-oriented development (TOD) on the Third Street and Grand Boulevard block in Kansas City, Mo.
Under the Development Agreement, KCATA sold the 1.88-acre property to 3G Development, where it will build approximately 246 apartments, a two-level parking garage and a multimodal transit station. Unit mix on the Project will include predominantly micro-units with a compliment of one- and two-bedroom units. Amenities will include a salon, club room, pool and fitness area.
Parking will be provided at a 0.95 ratio to the final multifamily unit count, with four spaces reserved for KCATA park-and-ride users and the general public. The current property houses a 193-space surface lot that the city leases from KCATA which will be terminated.
KCATA will lease the multi-modal transportation hub from the 3G Development which will accommodate transit customers, including those using the streetcar, local MAX bus service and bike share stations as well as a potential commuter rail facility.
3G Development expects construction to be complete in Fall 2025.