KANSAS CITY, MO-Executives at the Houston-based Morgan Group Inc. say they are going to build a 326-unit, mid-rise apartment building in the city's River Market District. Company officials tell GlobeSt.com that Morgan purchased the former train depot property at 100 Wyandotte for more than the $46.5-million figure reported elsewhere. However, a company spokeswoman refused to release the correct amount spent, or how much it will cost to build the new multifamily complex.

The company plans to break ground on the building in the third quarter of 2007. Carleton Riser, vice president of development for the company, tells GlobeSt.com that the project will be the largest new residential project in Downtown since the 1980s. "The vast majority of the Downtown housing stock consists of rehab/adaptive reuses of older buildings built in the early 20th century," he says. "Over the past decade, Kansas City has experienced substantial growth in high income jobs, which is expected to continue. The property's central location and upscale amenities will appeal to professionals who work in the area."

The new apartments are expected to average 960 sf, with one- and two-bedroom floor plans. Interior amenities will include gourmet kitchens, hard-surface flooring and full size washers and dryers, says the company, while exterior extras will feature a resort-style swimming pool and a controlled-access parking garage. The building should be complete by mid-2009, the company says.

Morgan officials say the River Market rental inventory can all be classified as rehabilitation/adaptive reuse. The current residential inventory totals 1,032 units or approximately 17% of the Downtown total, says a company spokeswoman. The River Market units are spread out over 23 different properties, and all but three of these are rehab projects of older buildings, she says. The three new construction projects (91 total units) are for sale condominium buildings, the spokeswoman tells GlobeSt.com.

Morgan bought the defunct depot from Kansas City Southern. Company officials said in a statement that the firm will erect a historical marker on the property to honor the River Market area, known as the place where Kansas City was first formed.