Developers of prime property in Richmond Heights get massive tax break

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by KMOV.com staff

KMOV.com

Posted on April 21, 2014 at 7:01 AM

Updated Monday, Apr 21 at 5:46 PM

(KMOV) – The developers of a prime piece of property previously blighted in Richmond Heights are getting massive tax breaks to build a massive apartment complex at the same location.

Draper and Kramer, of Chicago, have owned the property at the corner of McCutcheon and Eager since the 1930s

Located on the north side of Brentwood Forest, the new 800-unit apartment building will sit at the same site as the old Manhasseet Village apartment complex.

The city of Richmond Heights recently approved a 70 percent property tax break for Draper and Kramer over the next 10 years.

Officials say the project is expected to start in 2015 and will generate 250 jobs for each phase of construction.

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