KC developer buys city-owned site for East Crossroads apartment project
An emerging Kansas City developer completed its purchase of city property for an apartment project in the East Crossroads.
Grayson Capital LLC last week acquired a 1.16-acre city-owned property at 1525-1531 Holmes St., where it is well into the design of the Mohawk at 15th, a six-story apartment project planned in place of a small Police Department office and surface parking. The city first issued a request for proposals for the site in March 2022 and authorized negotiations with Grayson that November.
At the time, the city’s sale price for its surplus real estate was $2.6 million. Under new terms approved in August, the price was lowered to $400,000, with equity participation payments by Grayson between $500,000 and $2.1 million to be outlined in a future agreement with the city. Grayson obtained a $1.625 million loan from the nonprofit Local Initiatives Support Corp. in connection with its acquisition.
Grayson is a minority-owned real estate investment, development and advisory firm launched in June 2022 by Michael Collins, whose résumé includes roles as a vice president of JE Dunn Construction, CEO of the Port Authority of Kansas City and adviser to former U.S. Sen. Christopher “Kit” Bond.
The Mohawk at 15th will include a blend of 190 studio, one- and two-bedroom apartments, ranging in size between 510 and 1,000 square feet, per a recent press release from Grayson. Of that total, 20% of units will be set aside for renters earning up to 60% of the area’s median family income (MFI), or $1,255 for a one-bedroom unit under 2023 federal standards.
The DogPound, a public fitness center focused on athletic performance, yoga, boxing, cardio and recovery, will occupy 6,000 square feet of commercial space on the complex’s ground floor. The DogPound is founded by Kirk Myers, a fitness instructor and Kansas City native who has opened gym locations in New York, Los Angeles and Miami. Myers’ celebrity clients have included Taylor Swift, Gerard Butler, Ryan Seacrest, Hugh Jackman and Adam Levine, according to The Hollywood Reporter.
Grayson’s project will include a podium parking garage and at-grade parking, totaling 110 spaces. The complex will offer dedicated bike storage, electric vehicle charging stations and an EV car-share program, intended to support diverse mobility options along the Troost MAX bus line. A rooftop terrace will offer panoramic views of Downtown and the Crossroads Arts District.
The developer has said it anticipates construction on the Mohawk at 15th to begin next summer. The complex earlier this year was estimated as a $47 million project as of an unsuccessful bid for a Housing Trust Fund allocation under a different name — The 15.
Bryan Dennie, of Corbella LLC, is a partner in the apartment project. Draw Architecture + Urban Design is the project’s architect and Paris will serve as general contractor.
Grayson and Corbella separately have pursued a two-phase development with 144 to 198 apartments on city-owned parking lots southeast of 18th Street and Lydia Avenue, and southwest of 18th and The Paseo, near where the Negro Leagues Baseball Museum looks to expand with a new 30,000-square-foot facility.
