Projects
915BDWY
Historic Renovation
44 units
Total Development Cost of $10,500,000
Conventional first mortgage/Historic Tax Credit Equity/TIF Funds/Developer Equity
915BDWY is an historic renovation of downtown Kansas City, Missouri property. First market rate housing produced by Yarco Development in 20 years. The development plans were complicated by combining two separate historic buildings in to a single multi-family property. Renovation and lease up were completed in 2017.
Brittany Court Apartments
Acquisition/Renovation
45 units
Total Development Cost of $5,600,000
Conventional First Mortgage/LIHTC Equity
The acquisition and renovation of a senior property located in Gardner, Kansas. Renovation work includes expanding the community room to provide additional services for the elderly residents. The renovation of the property and lease up will be finished in 2017.
Columbus Square Apartments
Acquisition/Renovation
332 units
Total Development Cost of $13,385,000
Assumption of 1st Mortgage/BMIR Loan from City/Developer Equity
Columbus Square is a garden style apartment property located in downtown St. Louis, Missouri, just north of the Central Business District. Acquired the property and renovated to reposition the asset in the downtown market and take advantage of higher rents.
Gallery Lofts
New Construction
49 units
Total Development Cost of $12,000,000
LIHTC Equity/AHAP Tax Credit Equity/Developer Equity
Gallery Lofts is a mixed-income urban infill property located in North Kansas City, Missouri. The property consists of 49 units of one, two and three-bedroom units and 3,000 square feet of first floor gallery space. The project was approved in 2020 and will be completed in 2022.
Historic City Hall Lofts
Historic Renovation
50 units
Total Development Cost of $6,500,000
Conventional First Mortgage/LIHTC Equity/Historic Tax Credit Equity/Developer Equity
The former city hall building was the first loft conversion in downtown Kansas City, Kansas and was a critical piece of the City’s Downtown Housing Plan. The property also includes an enclosed 70 space-parking garage located immediately east of the building. Renovation and lease up were completed in 2005.
Historic Ellison Apartments
Historic Renovation
68 units
Total Development Cost of $9,000,000
Tax Exempt Bonds/LIHTC Equity/Historic Tax Equity/HOME Funds/Developer Equity
The Historic Ellison Apartments is a mixed-income property with 70% of the units rent restricted and 30% at market rate. The property was renovated in 2003 and achieved full occupancy in 2004.
John Calvin Manor
Acquisition/Renovation
100 units
Total Development Cost of $7,500,000
Tax-Exempt Bonds/LIHTC Equity/HOME Funds/Developer Equity
John Calvin Manor was a troubled property that was brought to Yarco Development from the local HUD office. Property was mismanaged by a not-for-profit board and was in danger of being in foreclosure. Renovated the property and added more amenity space/community center. Project primarily financed with tax-exempt bonds and LIHTC equity. Renovation and lease up was completed in 2014.
Longfellow Phase I
Acquisition/Renovation
75 units
Total Development Cost of $8,500,000
Tax-Exempt Bonds/LIHTC Equity
The acquisition and renovation of the first phase of Longfellow Heights Apartments, a three phase, mixed-income development located in Kansas City, Missouri. The renovation was needed to bring Phase I up to the same level of quality as provided in the other two phases. Project was renovated in 2006 and lease up completed in 2007.
O'Fallon Place Apartments
HUD Sustainable Community Grant Renovation
115 units
Total Development Cost of $4,000,000
HUD Grant Funds/Developer Equity
The O’Fallon Place Apartments renovation used an innovative HUD program designed to renovate older multi-family properties and introduce sustainable building features like water saving appliances, LED lighting, recycled materials and removal of harmful chemicals normally found in cabinets, etc. The property is located in St. Louis, Missouri.
Olive Park Village
Acquisition/Renovation
137 units
Total Development Cost of $3,200,000
Conventional First Mortgage/Deferred Second Mortgage/AHAP Tax Credit Equity
The property was acquired and renovated in 1999. Olive Park Village was one of the first HUD 236 conversions in Kansas City. Property included the first Bank of America Make a Difference Center in the Midwest region, which provides after school programs for children residing at the property.
Orchard Apartments
New Construction
220 units
Total Development Cost of $21,000,000
Tax Exempt Bonds/LIHTC Equity/Developer Equity
The Orchards was financed with tax-exempt bonds and LIHTC equity. The property is mixed-income with 80% of the units rent restricted and 20% of the units are market rate. Construction began in 2004 and completion and lease up occurred in 2005.
St. Michaels Veterans Center
New Construction/Supportive Services
117 units (58 in Phase I; 59 in Phase II)
Total Development Cost of $23,000,000 (Phase I + Phase II)
LIHTC Equity/CDBG Funds from City/HOME Funds/Developer Equity
A partnership with the City of Kansas City, Missouri, Missouri Housing Development Commission and the Veterans Administration to create a campus to provide housing and support services for homeless military veterans. Phase I consists of 55 units and Phase II consists of 59 units. A third phase is planned if additional units are needed to meet future demand. The second phase of housing also included a 7,500 square foot office building to provide services to veterans on the campus and in the City.
Stonegate Meadows Apartments
Acquisition/Renovation
366 units
Total Development Cost of $21,000,000
Tax Exempt Bonds/LIHTC Equity/Developer Equity
Property was purchased at a foreclosure auction and was in terrible condition due to extensive fire damage, environmental issues, mold issues and deferred maintenance. Renovation was completed in December of 2002. Property was developed using tax exempt bonds and state and federal LIHTC equity. The property is 100% affordable.
Turtle Hill Townhomes
New Construction
58 units
Total Development Cost of $7,000,000
Conventional First Mortgage/LIHTC Equity/TIF Funds/Developer Equity
The property incorporated the first market-rate housing in downtown Kansas City, Kansas in over 20 years. The property has 70% of units at restricted income and 30% at market rate. The project was completed in 2002 and was a critical piece of the City’s downtown housing plan.
Vine Street Lofts
New Construction
62 units
Total Development Cost of $9,000,000
Conventional first mortgage, LIHTC Equity, HOME Funds, Developer Equity
The Vine Street Lofts was the first project to be developed in the Vine Street District. The new construction lofts are a mixed-income property with 40% of the units with restricted rents and 60% at market rate. The loft building displays the creativity demanded by the overall development principles of the district. Construction and lease up of the property was completed in 2000.
Vine Street Place
New Construction
47 units
Total Development Cost of $7,000,000
Conventional Acquisition/Development Loan/ Soft Second Mortgage from the City
A subdivision built using the principles of Traditional Neighborhood Designed. This single-family neighborhood is located in Kansas City, Missouri and part of the Vine Street District. The subdivision is located on the former Municipal Stadium which was home to the Kansas City Monarchs, Royals and Chiefs. The Craftsman style homes with large porches and detached garages are similar to homes in the surrounding neighborhood. Construction on the subdivision and the first homes started in 2002.
Vine Street Manor at Bethel Square
New Construction
60 units
Total Development Cost of $6,500,000
Section 202 Grant/ Bank of America CDC Equity
The Vine Street Manor at Bethel Square is a joint venture between Bank of America CDC and Bethel AME Church. The project was awarded a HUD Section 202 grant for elderly housing in October 2003 and the property was completed in late 2004. The project provides needed affordable housing with support services to seniors in the Vine Street District.
Wornall Estates
Acquisition/Renovation
35 units
LIHTC Equity/ HOME Funds/Developer Equity