"This project is yet another example of our commitment to theKansas City area in helping fund projects that move our economyforward. It complements our recent announcement of opening a newoperations center on the Kansas side of the State Line in OverlandPark, which will bring 1,100 new jobs to the area," says MarkJorgensen, US Bank Kansas City market president, in a release.

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Wisconsin-based, the Alexander Co. has plans in place to turnthe property into an apartment complex. Current plans call for theconstruction of 176 units, 109 one-bedroom and 67 two-bedroom loftapartments. The redevelopment effort will also allow for someground-floor retail opportunities.

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As part of the deal, US Bank worked with the Missouri HousingDevelopment Corp. to buy low-income tax credits. As a result, allof the units will be rented as affordable rates for those who earn60% of the area medium income. Beyond the low-income credits, UDbank also bought state and historic tax credits.

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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.

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The nine-story building at 811 Grand Blvd. was constructed in1938. It has been vacant since 1998 when a new Federal Courthouseopened in the city.

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