AMC and Ten Main Center

[KansasCityChiefs]

I read something a few months ago about AMC relocating or expanding, but I cannot find any information for the life of me. Can somebody please fill me in on this?

[DaveKCMO]

http://forum.kcrag.com/index.php?topic=13184.0

[smh]

Anyone know of any old photos of Ten Main Center? I've heard that the glass center section (now a sort of terrarium) used to be the main entrance to the building. If you've ever been inside you know that the current lobby layout makes no sense for visitors. I'm curious as to what it looked like before it was reconfigured.

[KCDowntown]

The LCRA will be seeing a plan next week to rehab this building. The plan proposes to take 10 floors and turn them into 150 market-rate apartmemts (1 & 2 bedrooms). The remaining 11 floors would remain office space. It also mentions adding "limited" street-level retail.

See more of the plan here.

KCDowntown

[DaveKCMO]

The LCRA will be seeing a plan next week to rehab this building. The plan proposes to take 10 floors and turn them into 150 market-rate apartmemts (1 & 2 bedrooms). The remaining 11 floors would remain office space. It also mentions adding "limited" street-level retail.

See more of the plan here.

KCDowntown

737 parking spaces makes this building not competitive enough?

[smh]

This is an example of incentives run amok. This building buzzes with activity all day long. Until AMC left for Kansas it was near full occupancy, and it continues to attract new tenants.

Also, what an ugly building for apartments, no?

[voltopt]

The LCRA will be seeing a plan next week to rehab this building. The plan proposes to take 10 floors and turn them into 150 market-rate apartmemts (1 & 2 bedrooms). The remaining 11 floors would remain office space. It also mentions adding "limited" street-level retail.

See more of the plan here.

KCDowntown

737 parking spaces makes this building not competitive enough?

737 parking spaces for 294,866 sf of leaseable space, which is 400 sf per parking space, or rather, based on a fully occupied building at business occupancy of 100 sf per person, 1 parking stall for every 4 people. I know what the Kansas City generic market answer will be, but I will ask the question anyway: isn't that enough for the center of the city?

[FangKC]

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

This might be a result of not having enough large employers downtown as well. Yes, the floor plates may not be desirable for larger tenants anymore. However, if there were more headquarters, and larger employers downtown, older buildings (with parking) like Ten Main Center would probably attract the smaller businesses that service the big employers. Small advertising agencies, employment agencies, accounting firms, consulting firms, etc.

I saw on twitter that Bill Dietrich, CEO of the Downtown Council, said there was a concerted effort going forth to attract more companies downtown.

However, converting half the building to apartments is not such a bad thing.

https://twitter.com/jrmiller962/status/ ... 0378177538

[pash]

.

[earthling]

Would be nice to see Downtown get back to 100K+ levels of employment but agree that mixed use is more important. And from KCMO perspective, is more important the city limits grow employment base overall than just downtown. Downtown KC became below avg % of metro employment over last 10 years compared to most cities but KCMO as a whole is much higher than many other cities (core city % of metro employment) because it can offer every level of product - urban to suburban office parks to broad retail to industrial to even caves.

Once downtown hits critical mass with population base, would expect biz will eventually take notice and bring jobs back downtown. Commuter rail into downtown would help as many local biz still perceive parking (lack of free parking) as major issue.

BTW, here is a comparison of office space/vacancy compared to other markets. They are including midtown/Plaza as part of downtown KC for some reason...
http://www.colliers.com/-/media/files/m ... f?la=en-us

[flyingember]

It's not just downtown population growth that will drive downtown job growth.

Think of I-35 today into JoCo. Stress, slowdowns both directions everyday, people that legitimately want a job closer to their home. I drove to/from JoCo for 6 months, the worst part of the commute was getting out of Overland Park no matter which route I took. I would go quicker on a numbered street with lights than on the Interstate most days. I actually take longer per mile to get to my current job (more street lights) but without traffic it's way less stressful.

Now think of Clay County to JoCo commuting when 60,000 workers are added to the northland.

This population will also demand jobs close to home, and downtown will be a lot easier to get to than JoCo. Tiffany Springs will be another big winner, being in close proximity to the Second Creek development.

[DaveKCMO]

For each housing unit that subsidies help create downtown, on the other hand, we make room for one or two new residents in a full neighborhood where rents are not yet high enough to spur unsubsidized construction. Many of these new residents are people who otherwise would not have ended up in Kansas City at all, instead choosing to live in another city. When we're talking about typical TIF parameter for market-rate apartments downtown, the city probably at least breaks even on the unabated earnings and sales taxes attributable to each new resident before you even consider all the second-order benefits of bringing more people downtown.

so true. and doubling downtown's population is widely stated and accepted goal towards reducing the subsidies. many people i know who moved into one light moved there from other downtown properties with lower psf rents. that indeed makes room for the demand of other wanting to move up the housing ladder (or into downtown for the first time at a lower rate).

also, there is very much a concerted effort to drain all of the excess outdated office space (see also Traders on Grand, Brookfield, Reserve, Twain, etc) to generate demand for new office construction should large tenants materialize.

[DaveKCMO]

talking to a local historian, this building was built during the urban renewal era and apparently made the commerce kemper's furious (they own main street, ya know, and successfully managed to demolish everything in the vicinity in the name of parking).

[mgh7676]

Incentives denied for mixed-use office tower conversion

A Kansas City economic development agency on Wednesday declined to advance incentives for a $22 million plan to convert the Ten Main Center office tower into mixed uses.

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

[FangKC]

talking to a local historian, this building was built during the urban renewal era and apparently made the commerce kemper's furious (they own main street, ya know, and successfully managed to demolish everything in the vicinity in the name of parking).

Dave, I recall reading something in the past about the controversy that existed over this building. I cannot remember the details, but I recall that William T. Kemper (I think) was really pissed off over the whole affair.

I did a little searching, and found out that the building was constructed by the former First National Bank, a then rival of Commerce Bank and the Kempers. It later was acquired by Boatmen's Bank.

http://www.kclibrary.org/first-national

[DaveKCMO]

talking to a local historian, this building was built during the urban renewal era and apparently made the commerce kemper's furious (they own main street, ya know, and successfully managed to demolish everything in the vicinity in the name of parking).

Dave, I recall reading something in the past about the controversy that existed over this building. I cannot remember the details, but I recall that William T. Kemper (I think) was really pissed off over the whole affair.

I did a little searching, and found out that the building was constructed by the former First National Bank, a then rival of Commerce Bank and the Kempers. It later was acquired by Boatmen's Bank.

http://www.kclibrary.org/first-national

yup, that's it. is there a kemper on the LCRA board? LOL

[kboish]

Incentives denied for mixed-use office tower conversion

A Kansas City economic development agency on Wednesday declined to advance incentives for a $22 million plan to convert the Ten Main Center office tower into mixed uses.

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

They actually didn't decline it, they failed to pass a motion- which is different. They are asking, understandably so given the current climate, for policy direction from the city on office to retail conversions. Based on this KC star article it seems like a reasonable conversation more so than a stark- incentives are bad!

“You’re asking for our richest benefit with no public benefit,” Duffy said of market-rate and luxury apartment conversions that get property tax abatement without having to provide lower-rent housing as a part of their plans. “We need a set-aside policy to make sure people who work downtown can afford to live downtown.”

Kerrie Tyndall, Kansas City’s director of economic development, said she will take the commissioners’ concerns to City Hall and also encouraged them to put their request for a policy in writing. She said a low-income housing set-aside policy likely would be led by the city’s Housing Department.

Tyndall agreed that the city needs a comprehensive goal and demographic information about downtown residents.

“We need to look at a threshold of what a set-aside might be (as well as) the supply and demand of affordable housing downtown,” Tyndall said, noting that the Downtown Council is a good source for some of that information.

http://www.kansascity.com/news/business ... 25235.html

[DaveKCMO]

unfortunately, the city's draft TOD policy contemplates affordable housing set-asides but does not require them.

[aknowledgeableperson]

"Don't want those low income types in my building."

[loftguy]

I see no one arguing against low/moderate income housing downtown.

Actually, I hear continuous mention of the need for mixed income housing as part of what is needed for a vibrant, attractive downtown.

From 1995 to the present, the River Market has had a huge segment of housing that was section 42 housing for people making under $30,000 per year. Until recently, fully one-third of the apartments in the Market area were income restricted. No one goes there and notices that fact. Instead, it's one of the most attractive neighborhoods in all of Kansas City.

Look at the West side. Million dollar incomes on the same block with people making $15,000 or less per year.

It seems that people appreciate getting the chance to meet people that are different from themselves. It sure doesn't make the real estate any less attractive and valuable.