Nash Group Broke Ground on Housing Development
The $28 million Promise Place project will add 85 affordable units to the Ivanhoe neighborhood.
Updated on Oct. 12, 2026 in Openings & Closings
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The Nash Group and Vecino have broken ground on a new $28 million affordable housing development located at 4423 Olive St. in Kansas City. The project will transform a three-acre vacant lot into a residential complex consisting of six buildings.
Why it matters
The development is designed to address local housing needs by providing units for residents earning between 30% and 80% of the area median income. It is supported by a mix of state and federal tax credits alongside city housing and economic development funds.
The $28 million project will feature 85 affordable units across a six-building complex on a three-acre site. Eligibility for these units is restricted to households earning between 30% and 80% of the area median income.
The players
The Nash Group
The Nash Group is a development firm involved in multi-family residential construction projects.
Vecino
Vecino is a development partner collaborating on the affordable housing construction project.
The details
The complex will include a community room, a fitness center, and management offices to serve future residents. Construction of the development is currently projected to reach completion in summer 2028.
Timeline
Ground breaking for Promise Place occurred in October 2026.
The Mabion apartment complex opened in October 2026.
The housing complex is expected to open in summer 2028.
Market Landscape
This project reflects the broader push for urban revitalization through the conversion of vacant city lots into structured residential housing. It positions the developers as key contributors to the regional effort to mitigate housing shortages in growing metropolitan areas.
Area residents seeking affordable housing will have access to 85 new units upon the project's completion in 2028. This development adds density to the Ivanhoe neighborhood, potentially impacting local housing availability and community resources.
The takeaway
The development represents a long-term investment in the Ivanhoe neighborhood by utilizing previously vacant land for residential growth. Residents should monitor local government updates for future application windows as the 2028 opening approaches.
What happens next
The housing complex is scheduled for completion and opening in the summer of 2028.
Further reading
For more on local development news, visit the Kansas City Openings & Closings section.
Source note: This article includes information reported by The Kansas City Star.
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