A vacant 3-acre site on Kansas City's East Side is about to become one of the busier job sites in the Ivanhoe neighborhood. On Thursday, Oct. 8, developers broke ground on Promise Place, a $28 million affordable housing community at 4423 Olive St.
When it's done, Promise Place will have 85 homes spread across six buildings, each two or three stories tall, according to KCTV. One building on the east side of the site will hold a community room, fitness center and property management offices on its ground floor. The grounds will include 52 parking spaces, 40 bicycle spaces and pedestrian paths, and the site sits less than a block from the Prospect corridor and its transit stops.
The co-developers are The Nash Group and Vecino. This is their second project together on the East Side. The first, the 57-unit Mabion in Beacon Hill, held its ribbon cutting the day before.
"Promise Place will help fulfill the Ivanhoe Neighborhood Council's goals while also serving as an exemplary development for Kansas City," said Rick Manzardo, Vecino's chairman. "It addresses our housing needs—but it will also deliver growth and opportunity for the entire community."
How the deal comes together
This is a 4% tax credit deal, and Troy Nash, CEO and founder of The Nash Group, has written about why that matters. In a case study on his firm's website, he explains that the 4% credit, paired with tax-exempt bonds, generates less equity than the competitive 9% credit, so the gap has to be filled. For Promise Place, the city committed Housing Trust Fund and Central City Economic Development Sales Tax money to help make the 85-unit deal work. The Missouri Housing Development Commission approved the project on Oct. 21, 2025, according to that page.
The full list of money sources, as the developers laid it out to KCTV:
- Multifamily housing revenue bonds from the Kansas City Area Transportation Authority
- Community Development Block Grant and HOME funds from the city
- The Kansas City Housing Trust Fund
- Construction loans from Health Forward Foundation and Bank of America
- A permanent loan from Cedar Rapids Bank & Trust
- Tax credit syndication from Raymond James
The Nash Group says the homes will serve families earning 30% to 60% of the area median income. Nonprofit partner Bring It Home will offer residents supportive services, including skills classes, health and wellness guidance and transit help.
"It has been a great example of teamwork to again see all of our state and local partners come together—and of course the commitment of the Ivanhoe Neighborhood—to deliver impactful solutions for Kansas City," Nash said.
Speaking at the groundbreaking, Nash told KSHB that many families are stretched thin. "People today are severely cost burdened," he said. "They're spending 50, 60, 70, and in some cases 80% of the money they have on a mortgage or rent."
Alana Henry, executive director of the Ivanhoe Neighborhood Council, put it in simple terms. "At its core, people need to feel grounded and rooted in a place, in a space," she said.
State Sen. Barbara Washington, D-9th District, tied the project to the neighborhood's schools. "Having that means schools won't be boarded up, so now you got some babies that can go to the local school, teachers can still be hired and keep their jobs," she said.
KSHB reported that Promise Place is part of Kansas City's larger push to create 10,000 new housing units.
None of the coverage, nor the developer's own materials, named a general contractor for the project.
Why it matters for Contractors
Six low-rise buildings on a 3-acre site is right in the wheelhouse for a lot of Kansas City-area crews. Construction runs into summer 2028, which means site and utility work, paving for 52 parking spaces, foundations, framing, roofing, siding, windows, and the full lineup of MEP trades, followed by drywall, flooring, cabinets and finish work on 85 homes plus a community building with a fitness center. Pedestrian paths and grounds mean landscaping and hardscape work, too. The Nash Group and Vecino now have two East Side projects back to back, so contractors who want to be part of the next one should get on their radar now. With no general contractor named publicly, the developers are the place to start.