Briarcliff Development Co. is building The Landing at Briarcliff luxury apartments in Kansas City, Mo.
AS MORE PEOPLE GRAVITATE TOWARD urban centers teeming with nightlife, entertainment, dining and shopping options, rental units remain in high demand. With that in mind, Briarcliff Development Co. has focused recently on expanding its luxury apartment offerings in its massive Briarcliff development, located just five miles north of downtown Kansas City, Mo.
“We have noticed a trend towards the luxury apartment living market,” says Ryan Selby, project manager of Briarcliff Development Co. “Young professionals and empty nesters alike are flocking to no-maintenance, service-oriented luxury apartment living with lots of amenities.”
There are 723 apartments spread across Province (120), City Apartments (263) and The Landing (340). The Landing at Briarcliff luxury apartments are currently under construction. Construction began in fall 2013 on the 340-unit complex located on the Briarcliff Riverfront. Completion is scheduled for May 2015, and the project currently is 25 percent leased. Briarcliff has the potential for 650 additional multifamily units.
“This project is one of the biggest and most expensive projects we have developed, and we are doing it fast – 21 months to be exact,” Selby says. “We have also included a standalone fitness facility, which is a unique amenity in the market.”
The Landing at Briarcliff was contracted through a guaranteed maximum price structure, which helped Briarcliff Development Co. lock in most costs and a definitive schedule for completion, according to Richie Benninghoven, president of Briarcliff Development Co.
“We learn on every project, and I’m sure we still have more to learn with this one as we continue to lease up,” Benninghoven says. “Trying new amenities is one item – we are looking at how well each one worked.”
Something for Everyone
Briarcliff occupies a total of 400 acres in Kansas City. Since 1990, there has been over $460 million of development, with $5.5 million a year of tax-incremented funds (TIF) currently being generated with almost $95 million of TIF costs certified to date.
Two full diamond interchanges have been built to access the area, and an 80-acre mine has been backfilled and stabilized to provide for surface development.
For the commercial portion of the development, 550,000 square feet is devoted to office space, and 90,000 square feet if for retail. Briarcliff Development also features a 123-room Courtyard by Marriott with 7,200 square feet of meeting and event space.
The development features 310 single family homes. Briarcliff West has 156 priced between $400,000 to more than $5 million. The 87 Villas range between $300,000 to $500,000. Ravello offers 56 and Briarcliff Hills has 11 homes each. Briarcliff also has 168 senior living units, 40 of which are assisted living.
The development has the potential to expand by 200,000 square feet of class A office space and There also is room for an additional 50 new single family homes.
“We will continue to develop within Briarcliff as the market supports it,” Benninghoven says. “We are expanding our reach into other developments and looking at more urban development opportunities.”
Briarcliff Development Co. takes pride in creating an atmosphere of dependability with its general contractors and subcontractors.
“Briarcliff Development always strives for win/win opportunities in business relationships and projects,” Selby says. “We believe that building and maintaining trust with the general contractor and subcontractors is crucial to delivering a quality project on time and on budget. These relationships are only forged over time and should never be taken lightly.
“I believe what sets Briarcliff Development apart is our win/win philosophy and our open mindedness to almost any project anywhere,” Benninghoven adds.
Playing the Long Game
Briarcliff Development Co. was founded in 1994 for the purpose of holding, acquiring, owning, developing, leasing, operating and constructing real estate operations at the Briarcliff West subdivision located on the north edge of downtown Kansas City. In 1964, Charles Garney began acquiring the approximately 400 acres of land that is currently known as Briarcliff West.
“The area was once considered the wrong side of the tracks,” the company states. “Not only were social stigmas attached to the area, but the terrain was rough and rugged and included an old underground limestone quarry upon which most of the commercial development sits today.”
Garney, however, elected to focus on the positive characteristics of the site, including the views, the convergence of four major highways, and the proximity to Garney Companies’ offices.
“Garney saw that the rough-and-rugged terrain could be smoothed into a beautiful park-like setting with the topography and natural forest elements giving Briarcliff the character it has today,” Briarcliff Development states.