A developer working on an apartment project in downtown Mission wants to sell its land — and transfer its public incentives to another developer.
MOJO Built LLC, an Overland Park-based developer co-owned by longtime home builder John Moffitt, is asking the city of Mission for permission to transfer its previously approved 70% tax abatement related to the 58/Nall apartment complex project to Columbia, Missouri-based At Home Apartments of KC LLC.
The city’s finance and administration committee at its May 1 meeting advanced a resolution that, if approved, will transfer the tax abatement benefits from MOJO Built to At Home Apartments of KC.
Why is the project potentially changing hands?
- 58/Nall was originally proposed two years ago by MOJO Built’s Moffit.
- Tom Jensen, an attorney representing At Home Apartments, told the finance and administration committee at its May 1 meeting that Moffitt alluded to approaching retirement as the reason for turning over the project.
- Jensen said At Homes Apartments stood out as a contender to buy the project from MOJO Built because it both develops and manages multifamily properties.
At Home Apartments already has properties in Mission
- There are six different apartment complexes in Mission, all near the downtown area, owned and operated by At Home Apartments.
- These apartment complexes — including Mission Ridge and The Gables of Mission — add up to 286 individual units, according to city documents.
- “We’ve had a longstanding relationship over the last 20 years, and At Home Apartments has been a good partner in many of our visioning processes and community building efforts for quite some time,” Smith said.
The same proposed development would be built
- At Home Apartments plans to build out the same 77-unit apartment complex that MOJO Built envisioned for 58/Nall.
- This includes the 70% tax abatement and the requirements connected to that public incentive, such as keeping 10% of the units as “attainable housing” and earning at least one Globe under the U.S. Green Buildings Green Globes, a measure of how environmentally friendly and sustainable a building is.
- At Home Apartments is on track to close on the 58/Nall property in June, according to city documents.
- Smith said At Home Apartments has agreed to break ground on the project by July 1, as outlined in the performance agreement originally signed with MOJO Built.
Next steps:
- The city council will formally consider approving the transfer of the tax abatement from MOJO Built to At Home Apartments of KC at its May 15 meeting.
- That meeting starts at 7 p.m. at City Gall, 6090 Woodson St.
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