KCRag Forum

heard a rumor that Jason Townsend is planning on marketing this (i.e. "flipping" the project)....Sale Price....drum roll please.......$30 Million.....

Was checking the mail and one of the Wallstreet Tower sales people said I should go over there and check it out.  Their sales office is open as well as 3 demo units.  Sounds like it should be a nice project.  Do not know much about it in regards to size, number or units, or price. 

I stopped by the showroom ( at 909 Walnut ) just to see what was up.  They've done a great job with it!  There are indeed 3 full-scale model units (a base-model 1-br and two 2-br units, one with "all the works"), complete with mock up windows (which will soon include mocked views from those windows).  Everything is there except front doors on the units.  They seem very very nice with incredibly high ceilings. 

The guy I talked to said they weren't ready to talk about numbers of units nor pricing, but he said the base model 1-br was starting in the low $200s and that the building would be mostly 1 and 2 bedroom units.  He also said the idea was to be like the Wallstreet Tower but a little bit higher scale.  ( The model units reminded me a lot of what I can recall of touring the Wallstreet.)

If I recall correctly, he said they'd start demolition of the interior in May and expect to be done in 2009.

zonk wrote: heard a rumor that Jason Townsend is planning on marketing this (i.e. "flipping" the project)....Sale Price....drum roll please.......$30 Million.....

You're right Zonk.  It went on the market last week.  Gib Kerr has the listing.

They (Townsend) are also offering to retain the top few floors for condos and sell off the balance to a commercial developer.

I heard tonight for the THIRD time that the project is "For Sale". Great timing to open your sales center..... or fantasy land..

Is that a soup kitchen or a homeless shelter to the south of it across the street?

highest & best use = a bank.  that building would be a perfect bank....oops..never mind! 

Has this reversal of fortunes affected Townsends grand plans in Omaha?

Townsend isn't doing a very good job keeping up the landscaping in the plantings around The Reserve on the sidewalk. Most of them are dead or dying. Big downer.

The Business Journal reports that there appears to be financing coming together
to turn the former Federal Reserve Bank building, at 10th and Grand, into a hotel.

Old Federal Reserve building (again) may get new life as a hotel

It appears that another developer is preparing to take a run at the Federal Reserve Bank of Kansas City’s former headquarters building at 925 Grand Blvd.
UC Funds, a Boston-based commercial real estate finance company, has announced the funding of a $9.23 million bridge loan for the acquisition of a 21-story tower in Kansas City.

...

According to UC Funds, the Kansas City landmark will be redeveloped as a 301-room flag hotel served by 528 structured and surface parking spaces. A second phase of the redevelopment project, the UC Funds release said, will include a smaller boutique hotel and basement data center.

http://tinyurl.com/pedd7uc

What the hell kind of hotel needs twice as many parking spots as rooms? Are they thinking most of their business will come from local affairs with the lovers sneaking in with separate vehicles?

LenexatoKCMO wrote:What the hell kind of hotel needs twice as many parking spots as rooms? Are they thinking most of their business will come from local affairs with the lovers sneaking in with separate vehicles?

?.......a hotel with significant meeting and conference facilities?

Though I find your answer far more interesting and with the demise of the hourly rental hotels maybe an opportunity is lurking in the shadows?

I'm not a fan of this becoming a hotel.

KCPowercat wrote:I'm not a fan of this becoming a hotel.

Just missed opportunity at bring something else?

LenexatoKCMO wrote:

KCPowercat wrote:I'm not a fan of this becoming a hotel.

Just missed opportunity at bring something else?

I think I get what you are asking...yeah I mean it's better than an empty building. If this doesn't deride a convention hotel then I guess I'm okay with it....could be turned back into offices...seems like a big floor plate.

Fair enough. I am to the point where I think they just need to start adding rooms DT one way or the other. The burbs aren't honoring any moretoreum on new rooms until the convention hotel gets built. So if DT operates under a moretoreum we are just going to continue to have all of our rooms built around 435.

LenexatoKCMO wrote:Fair enough. I am to the point where I think they just need to start adding rooms DT one way or the other. The burbs aren't honoring any moretoreum on new rooms until the convention hotel gets built. So if DT operates under a moretoreum we are just going to continue to have all of our rooms built around 435.

That literally makes no difference to the hotel market in the core. I'm fine if they want to make a go at it w/o incentives (ala crossroads hotel) but shotgunning 1000 hotels around downtown while it will help the convention center, won't have nearly the impact of 1000 rooms under one flag and under control of one sales team.

Really? Almost every detailed piece I have read on the CC hotel references the total metro area rooms and how "easy" it is to get from all of the thousands of 435 ring hotel rooms to the DT facilities. I can't think they help.

LenexatoKCMO wrote:Really? Almost every detailed piece I have read on the CC hotel references the total metro area rooms and how "easy" it is to get from all of the thousands of 435 ring hotel rooms to the DT facilities. I can't think they help.

I'd be interested to read anything that states total metro hotel rooms impacts getting a downtown convention hotel. They just don't compete for the same business. Those 435 ring hotels pop up and die off pretty regularly. Now throw up another Sheraton/OP Convention Center? Yeah there is some competition there.

KCPowercat wrote:Now throw up another Sheraton/OP Convention Center? Yeah there is some competition there.

or this:

http://www.bizjournals.com/kansascity/n ... enter.html