KANSAS CITY—Village Green, one of the nation's largest and oldest privately-owned developer, owner and manager of luxury apartment communities, recently purchased ICON on the Plaza Apartments in Kansas City. The Farmington Hills, MI-based company intends to redevelop and reposition the 214-apartment community in the city's Country Club Plaza neighborhood as one of its City Apartments brand. The company will rename the community in June when after it opens new models and completes other significant changes. Village Green Construction will begin working immediately and plans to complete the job by spring 2016.
“Country Club Plaza is an ideal location for our City brand - it's a very popular area for professionals where you can walk to work, world-class shopping and entertainment,” says Jonathan Holtzman, chief executive officer of Village Green, in a statement. “This is our first acquisition in Kansas City and will serve as a foundation for Village Green to develop and expand our third party management of luxury apartment communities.
The purchase price of the community was not disclosed. Company officials could not be reached by press time.
Country Club Plaza is a 55-acre shopping district about four miles south of downtown that has seen signs of increasing activity. Furthermore, the downtown has begun attracting a host of new residents, many of them millennials. And, as reported in GlobeSt.com, the office market has also seen growth. There is even talk of starting speculative development.
The three-tower apartment community in the upscale Plaza area was originally built for returning Korean War veterans. Village Green will redevelop and reposition all of the buildings and each one of the apartments. It will add new luxury amenities and services, new exterior/interior lobbies, new finishes in corridors and elevators, a professional 24/7 fitness center; Zen garden, resort swimming pools, an outdoor Sky Park with fire pit and lounge seating overlooking Country Club Plaza and many other features.
The community will consist of studio, one, two- and three-bedroom apartments and penthouses. Apartment upgrades include: kitchens with three different cabinet, appliance and flooring options; bathrooms with pedestal sinks, tile flooring and rain shower heads; wood flooring and Berber carpet; and brand-new custom closets throughout each apartment. Penthouses have condominium quality finishes including granite counter tops.
Village Green recently completed several historic, mixed-use urban developments such as Soo Line City Apartments in Minneapolis and Randolph Tower City Apartments in Chicago.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
