"This project is yet another example of our commitment to the Kansas City area in helping fund projects that move our economy forward. It complements our recent announcement of opening a new operations center on the Kansas side of the State Line in Overland Park, which will bring 1,100 new jobs to the area," says Mark Jorgensen, US Bank Kansas City market president, in a release.

Wisconsin-based, the Alexander Co. has plans in place to turn the property into an apartment complex. Current plans call for the construction of 176 units, 109 one-bedroom and 67 two-bedroom loft apartments. The redevelopment effort will also allow for some ground-floor retail opportunities.

As part of the deal, US Bank worked with the Missouri Housing Development Corp. to buy low-income tax credits. As a result, all of the units will be rented as affordable rates for those who earn 60% of the area medium income. Beyond the low-income credits, UD bank also bought state and historic tax credits.

The Alexander Co. is handling most aspects of the project; wearing the hats of developer, architect and property manager. Construction is slated to be complete by the summer of 2011.

The nine-story building at 811 Grand Blvd. was constructed in 1938. It has been vacant since 1998 when a new Federal Courthouse opened in the city.