Credits create new future for Kemper Arena
Monarch Private Capital (MPC), the most diversified national tax credit investment provider, today announced it closed a $14.4 million equity investment in Kemper Arena, a historic event center located in Kansas City, Missouri. The investment will generate federal historic tax credits and Missouri state historic tax credits.
Foutch Brothers, LLC is leading the $40.2 million redevelopment which will transform the former Kemper Arena into a multi-level, multi-functional, 10,000 seat sports complex. First built in 1973, the arena has stood mostly vacant since 2007 and has cost the city $1 million annually to maintain. Upon completion, sports agility, golf simulators, eGaming, hydrotherapy, fitness facility, health care, retail and dining will surround the two-floors of hardwood courts. There will be 12 basketball courts, approximately 85,000 square feet, tripling the capacity of the original design. In addition to being a training and tournament complex for athletes of all skill levels, the renovated arena will house over 60,000 square feet of commercial office and retail space which will bring new life to the historic Stockyards District when it opens in the fall of 2018.
“The investment in the Kemper Arena project is a great representation of the importance of the historic tax credit program,” says Rick Chukas, Managing Director of Federal Historic Tax Credits for Monarch Private Capital. “This project would not have been possible without it. Monarch Private Capital is proud to have partnered with Foutch Brothers and applauds the hard work involved bringing this idea to fruition.”