Historic Ellison Apartments Get $9 Million Facelift
Bank of America, MHDC and KCL partner to renovate old midtown beauty
KANSAS CITY, Mo., March 8 /PRNewswire/ -- The Bank of America Community
Development Corporation recently announced that, in cooperation with the
Missouri Housing Development Commission (MHDC) and Kansas City Life Insurance
Company (KCL) plans to renovate and redevelop the historic Ellison Apartments in
midtown Kansas City.
The Ellison Apartments are located on the northeast corner of Armour Boulevard
and Broadway Boulevard between Crown Center and the Country Club Plaza.
Historically, Armour Boulevard was developed as an elegant residential boulevard
with large, charming apartment buildings, churches and impressive mansions and
homes.
Bank of America will invest up to $300,000 in direct equity in the Ellison
Apartments project; borrow and guarantee up to $5.2 million in
construction/permanent financing using tax-exempt bonds; guarantee up to $5.15
million in state and federal historic tax credit and rental tax credit equity
and borrow up to $1 million in HOME funds from the Missouri Housing Development
Commission.
"This project gives us an opportunity to work with two of Missouri's most
prominent corporate entities, Kansas City Life Insurance Company and the
Missouri Housing Development Commission," said Clyde Wendel, market president,
Bank of America Kansas City. "This cooperation is a wonderful example of what
can happen when the private and public sectors work together to create
affordable and attractive housing in our neighborhoods. This redevelopment will
save and renovate one of the most beautiful, historic buildings in midtown
Kansas City and provide affordable housing for low and moderate-income families. We're very happy to be able to bring our development expertise and financial
tools to this revitalization project." The project will consist of renovating 68 units in the seven-story building.
The development will consist of both one- and two-bedroom units, ranging in size
from 780 to 1,230 square feet. The rents for the one and two bedroom units will
range from $500 to $750 a month. All one-bedroom units will have one full bath
and two bedroom units will have two bathrooms. Amenities include secure parking,
laundry facilities, landscaped courtyard and common areas for leisure and
entertainment. Some of the units will have additional floor space that can be
used as a den or study. There will be a separate laundry room with
washer/dryers located in each tower on the first floor.
"We're very pleased to be working with Bank of America and Kansas City Life on
this exciting historic renovation," said Erica Dobreff, Executive Director of
the Missouri Housing Development Commission. "Bank of America has a
long-standing, strong commitment to Kansas City and this unique project is
another critical step in the development of midtown as a vibrant community that
provides attractive and affordable housing for its residents." Jim Stacy, President, MC Lioness Realty Group, LLC, in part owned by Kansas City
Life Insurance Company said, "Kansas City Life acquired the Ellison Apartments
in 1973 to preserve this architectural landmark, providing convenient,
affordable housing for residents of Old HydePark and Valentine neighborhoods.
When the core building systems began to fail and it was clear that major
renovations would be necessary to preserve the building, we sought out the very
best residential developer, in terms of expertise and financial wherewithal." "The Bank of America, CDC soon emerged as the most qualified firm to acquire and
renovate the property for the benefit of the neighborhood. Their extensive and
distinguished record speaks for itself. We have every confidence that the
Ellison, located next door to the Missouri Housing Development Commission
offices, will be a credit to both organizations and a pleasure for Kansas City
Life to view from the front windows of their home office," said Stacy.
Built originally as an "apartment hotel", a popular residential lifestyle
between 1926-1928 when the twin towers were constructed, the Ellison embodies
the vitality and prosperity that characterized Kansas City and Armour Boulevard
during the roaring 1920's. The building's dual seven-story towers, adorned with
considerable ornamentation, immediately became signature landmarks, contributing
to the opulent feel of the surrounding district. The spacious 3,000 square foot
lobby features an entryway with terrazzo tile and a walnut-finish post and beam
ceiling with hand painted tapestry.
The building's chief architect, Nelle Peters, was the most prolific female
architect of her era in Kansas City. Peters was renowned for her talent for
design and her many "kitchenette" or "clustertype" hotels and apartment
buildings that continue to enrich urban landscapes nationwide. The lasting
beauty and structural stability of the building is a testament to its design and
the quality of materials and craftsmanship utilized during construction.
About Kansas City Life Insurance Company Kansas City Life Insurance Company (KCL) was established in 1895 in Kansas City,
Missouri. The agency markets individual Life, Annuity, and Group products
through general agencies located throughout the U.S. Variable Life, Variable
Annuities, Mutual Funds, and other investment options are offered through Sunset
Financial Services, Kansas City Life's wholly owned broker/dealer subsidiary.
KCL employs more than 1,400 agents and a staff of more than 600 associates
provides support for agents and policyholders. KCL serves 48 states and the
District of Columbia insuring more than half a million policyholders from coast
to coast. The home office is located in midtown Kansas City, Missouri. The
company'sWeb site is http://www.kclife.com/ .
About Missouri Housing Development Commission The Missouri Housing Development Commission (MHDC) was established in 1969. Since that time, MHDC has encouraged and assisted in the production of
affordable rental housing and provided homeownership opportunities for thousands
of families. It has invested almost $4 billion in Missouri housing, covering
every county of the state, for rental housing developments, home mortgages, home
improvement loans, loans to landlords for renovations, grants to neighborhood
housing groups and other programs. The commission's Web site is
http://www.mhdc.com/ .
About Bank of America Bank of America is one of the world's largest financial institutions, serving
individual consumers, small businesses and large corporations and institutions
with a full range of banking, investing, asset management and other financial
and risk management products and services. The company provides unmatched
convenience for consumers in the United States, serving 1 in 3 American
households with 4,277 banking centers, more than 14,400 ATMs and an
award-winning Internet site with more than seven million active online users. Bank of America is rated the number one Small Business Administration Lender in
the United States by the SBA. The company serves clients in 150 countries and
has relationships with 94 percent of the U.S. Fortune 500 companies and 76
percent of the Global Fortune 500. The seventh most profitable company in the
United States, Bank of America had $736 billion in assets, $414 billion in
deposits and a market capitalization of $115.9 billion at December 31, 2003.
Bank of America Corporation stock (ticker: BAC) is listed on the New York Stock
Exchange. For more information, please go to http://www.bankofamerica.com/ . DATASOURCE: Bank of America Corporation CONTACT: Diane Wagner of Bank of America, +1-312-828-2932, or Web site: http://www.bankofamerica.com/ http://www.kclife.com/ http://www.mhdc.com/
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