The 4-story warehouse building at 204 West 3rd Street, which is vacant, in the River Market neighborhood is set for redevelopment.

Planned is a $15.7 million redevelopment of the building into 38 loft apartments. The breakdown of the units is 3 studios, 17 one-bedroom, 11 two-bedrooms, and 7 three-bedroom lofts. The parking lot immediately to the building’s west will be home to 50 parking spaces. Resident amenity spaces are planned in the building, but no commercial space is planned.

The building is to be known as “Hideaway Lofts”. QMR Partners is the developer.

On Monday, July 13th, the project went before the PortKC Development Committee for the start of the incentive process. PortKC voted to induce the issuance of bonds up to $20 Million. Alongside Federal and State Historic Tax Credits, the bonds will allow for a sales tax exemption on construction materials and a 20-year tax abatement (80% for years 1-10, 60% for years 11-15, and 50% for years 16-20). Under current conditions, PortKC analysis stated that the property current generates $25,628 in taxes per year and, with the incentives, the new project is guaranteed to generate $44,264 in year 1 and $1,303,652 over the course of the incentive term (compared to $587,590 otherwise).

Hideaway Lofts will join other nearby developments, planned and recently completed, in the River Market neighborhood. The redevelopment also means that the neighborhood will have two remaining vacant buildings, neither of which are particularly large.