KCRag Forum

smh wrote:Sure, but the building was owner financing. Hence it is an exception.

Except for the part where the second owner lost their part of building to the bank that financed it in the bankruptcy proceedings.

It's possible to get condos in a building which is not 100% owner financed. It's hard, yes, but doable.

Construction looks to be underway here. They are moving dirt on this site and it looks like they are about to put together a small crane (not a tower crane) on the site.

KCDowntown

pre-development work, officially. pic from 2/14/17:

serious work should begin may 1.

So this thread started in 2004. Didn't think this project would happen. Any final designs? There are a lot of variations out there. I like the one of the last page.

This is the rendering straight from Copaken's site.

The bizjournal had an interesting tidbit about the material to be used to construct this project in light of the recent fire in OP. I think the brand name is "Prescient" and is basically a pre-fab steel columns. It is a company owned by JE Dunn or maybe just the Dunn family.

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

Prescient, which will have annual capacity to manufacture framing for 11 million square feet of construction with its new plant, has been around only since September 2012.

But its proprietary software and robot-aided process for premanufacturing steel columns, trusses and panels already has attracted several big-name clients.
...

In Kansas City, the 12-story ARTerra apartment tower will become the first project built with the Prescient system. JE Dunn is scheduled to break ground next month on that project at 2100 Wyandotte St. in the Crossroads Arts District and complete it next year for a joint venture involving Copaken Brooks and Altus Properties.

kboish wrote:The bizjournal had an interesting tidbit about the material to be used to construct this project in light of the recent fire in OP. I think the brand name is "Prescient" and is basically a pre-fab steel columns. It is a company owned by JE Dunn or maybe just the Dunn family.

The proposal for the two towers on 25th and Troost called for using the "Prescient" building system as well.

The overall site plan for the updated Arterra building are available on the KCMO Development Tracker.

Here is a link to the plans.

The plans appear to match the rendering that was posted below by hartliss.

Some of the highlights:
- 12 stories
- Prominent social area on 12th floor
- 4 story garage on south side of the building
- Entrance on northeast corner of the site
- Retail along Wyandotte
- Pool on 5th floor

KCDowntown

Formal groundbreaking in early August

https://www.bizjournals.com/kansascity/ ... ml?ana=twt

groundbreaking today, per twitter.

dunn was moving dirt the entire time. kinda nice.

Arterra will go for $2.30/sqft like Two Light. Can KC continue to draw downtown luxury growth at these rates? If so, maybe downtown can attract more hirise developers.

https://cityscenekc.com/arterra-apartme ... own-rents/

Only one way to find out.

How long till some of these transition to condo?

^When the demand returns you'd think, which could be soonish given Plaza market picking up. Mid-priced Plaza condos don't seem to stay on market too long, over $500K units can take much longer. Is common for a building to have up to 10% of units for sale, just checked and most Plaza buildings appear to be well below 5%. Sulgrave and Regency have mostly high end available, under 5% total. Alameda has just one unit listed. Under $300K in area seems to move pretty quickly.

Downtown could probably get back into condo game soon but a large wave of high end could take a while to move. A slow transition might work if developer ready to unload a building but they may not want to when able to get over $2/sqft rent downtown.

So back to rentals, what is the highest rent building right now? One Light? How much per sqft?

Seems like the condo market in the River Market area has been pretty good. At least that's my experience. Obviously that can change quickly one way or another, but having watched Conover Place and 5 Delaware buildings those listing have been selling fairly quickly at pretty good prices. I give a huge amount of credit to the streetcar's success in the area. I'm a big supporter of the streetcar expansion - and have seen with my own eyes the transformation it makes in a neighborhood for both residences and businesses.

.

The financing rules for many mortgage companies limit condo's to 4 or 5 stories. Higher than that and yes it's more difficult to get a loan. That's one reason the condo's that were built in the area are not taller.

Why the limit?