Hunt Midwest Breaks Ground on $90 Million Canvas Apartment Project in Downtown Overland Park

Hunt Midwest has broken ground on a $90 million apartment project in downtown Overland Park, Kansas, the firm announced Oct. 6. The development, named Canvas, will rise at 8036 Metcalf Avenue and include 227 apartments and more than 5,000 square feet of ground-floor retail and restaurant space. Opening is scheduled for early 2029.

Hunt Midwest's Canvas Project: Key Details

Canvas is a ground-up multifamily development that Hunt Midwest is sponsoring. The community will offer one- and two-bedroom apartments, along with a dedicated retail and restaurant component at street level.

The $90 million cost works out to roughly $396,000 per apartment when divided across the 227 planned units. That figure is a development-cost ratio rather than a market valuation or sales price.

The project is planned for what has been described as the last vacant lot in downtown Overland Park, making it a significant remaining piece of the city's Vision Metcalf redevelopment program.

Downtown Overland Park Development Pipeline

Canvas joins a downtown district that is attracting multiple multifamily proposals. A separate proposal at 8201 Metcalf Avenue calls for a 198-unit, five-story apartment building with 7,400 square feet of retail. Together with Canvas and other downtown projects, the pipeline could add nearly 500 residences to the area.

Hunt Midwest has an existing presence nearby. The firm completed The Vue, an apartment complex across the street, in 2019. Canvas is positioned around walkability, retail and restaurant activity, and proximity to the Overland Park Farmers Market.

Kansas City Multifamily Market Conditions

The Kansas City metro's overall multifamily vacancy rate is approximately 8.5%, while stabilized vacancy stands at 6.7%, its lowest level since 2023. Stabilized vacancy for four- and five-star properties is approximately 5.3%.

Rents continue to rise. Asking rents are up about 2.2% year over year in the metro, compared with 0.8% nationally, and the average asking rent is approximately $1,731 per month.

New supply is slowing. Kansas City construction starts fell 67% year over year in the first half of 2026, to 1,219 units across seven properties, compared with roughly 3,700 units in the same period of 2025. Deliveries are projected to decline 55% into 2027.

Market Implications

With a 2029 delivery target, Canvas is scheduled to open after the period of reduced deliveries currently projected for the metro. The project's roughly $396,000 per-unit cost reflects the capital intensity of urban, ground-up multifamily construction, and the retail and restaurant space is intended to add street-level activity to downtown Overland Park.

Sources

• Hunt Midwest: Hunt Midwest breaks ground on $90 million apartment project in downtown Overland Park