Maxwell-Briscoe Garage at 1612 Grand

Issues concerning Downtown as described by the Downtown Council. River to 31st Street, I-35 to Bruce R. Watkins.
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FangKC
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Maxwell-Briscoe Garage at 1612 Grand

Post by FangKC » Tue Dec 31, 2013 12:49 am

The Maxwell-Briscoe Garage at 1612 Grand has been purchased and will be converted into six residential lofts and commercial office space. The developer, Prairie Fire Development Group, will occupy the commercial space. It will be called MBG Lofts. The structure is already on the National Register for Historic Places.

The building was originally a new auto showroom and service facilities for the Maxwell-Briscoe Motor Co., and it was built in the 1920s. The building already has some underground parking, and will have addition surface lot parking as well.

Renovation should be completed late next summer.

http://tinyurl.com/k7s2hxa

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DaveKCMO
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Re: Maxwell-Briscoe Garage at 1612 Grand

Post by DaveKCMO » Tue Dec 31, 2013 10:47 am

i am in complete awe that this one is actually happening. that block has been derelict for so long.

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Re: Maxwell-Briscoe Garage at 1612 Grand

Post by KCPowercat » Tue Dec 31, 2013 1:42 pm

Nice surface parking lot would have went well there. Oh well.

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Re: Maxwell-Briscoe Garage at 1612 Grand

Post by bahua » Tue Dec 31, 2013 1:52 pm

A brilliant get!

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Eon Blue
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Re: Maxwell-Briscoe Garage at 1612 Grand

Post by Eon Blue » Tue Dec 31, 2013 2:02 pm

Don't they know they should be afraid to develop downtown? It's nothing but a bunch of NIMBY's down there.

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Re: Maxwell-Briscoe Garage at 1612 Grand

Post by FangKC » Tue Dec 31, 2013 6:50 pm

For those who don't know, Maxwell-Briscoe was an early automobile brand that was later acquired by Chrysler.

http://en.wikipedia.org/wiki/Maxwell_automobile

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Re: Maxwell-Briscoe Garage at 1612 Grand

Post by MidtownCat » Wed Jan 01, 2014 9:34 am

Not gonna lie, was really hoping for a drive through Subway.

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Re: Maxwell-Briscoe Garage at 1612 Grand

Post by DaveKCMO » Sat Nov 01, 2014 9:04 pm

has this project stalled? no permits in almost a year. windows still boarded up.

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Re: Maxwell-Briscoe Garage at 1612 Grand

Post by loftguy » Mon Nov 03, 2014 10:08 am

Appears that the proposed development has been put aside.

Recently received an email offering the building for purchase.

Believe they were asking $895,000.

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Re: Maxwell-Briscoe Garage at 1612 Grand

Post by atticus23 » Mon Nov 03, 2014 10:18 pm

If you go to trulia.com and type in the zip code (64108), it's the second of third listing after adjusting for price.

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Re: Maxwell-Briscoe Garage at 1612 Grand

Post by smh » Tue Nov 04, 2014 12:34 pm

I wish I understood better why developments like this fail. It looks to me like a decent parcel. Mostly because it includes the lot next door which would be great for additional infill. Especially after Grand is narrowed to 3-lanes.

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Re: Maxwell-Briscoe Garage at 1612 Grand

Post by loftguy » Tue Nov 04, 2014 1:01 pm

smh wrote:I wish I understood better why developments like this fail. It looks to me like a decent parcel. Mostly because it includes the lot next door which would be great for additional infill. Especially after Grand is narrowed to 3-lanes.

A simple and very real world analysis:

You purchase 1612 Grand and develop 18 apartments. Apply a conservative rental for these 18 units and you estimate $1,200 net rent per month from each of the 18. This provides $21,600 per month income.

$900,000 purchase + $2,500,000 rehabilition and associated costs = $2,400,000

$2,400,000 financed at 6% for 20 years = $17,195 per month loan cost.

$17,195 loan
1,000 prop tax
2,000 leasing/operations/security
1,000 insurance, common area utilities and repair reserves
$21,195 operations

This leaves you with $400 per month if everything goes right. Not much margin for error and a lot of work and risk for a return that your down payment could generate in a lot of other ways.

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Re: Maxwell-Briscoe Garage at 1612 Grand

Post by beautyfromashes » Tue Nov 04, 2014 1:05 pm

loftguy wrote: $900,000 purchase + $2,500,000 rehabilition and associated costs = $3,400,000
This is why this building has not been sold.

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Re: Maxwell-Briscoe Garage at 1612 Grand

Post by zonk » Tue Nov 04, 2014 1:37 pm

This a better office project than residential. The building is too small for residential...could only get maybe 10 units max.

The lot north is actually the garage for the building. It has both surface on top and garage below connecting to the building. Granted modern day auto sizes would require a new alley entrance.

I think Loftguy summed up the economics pretty well. Even is you layered Historic Tax Credits on the project (they are approved for HTCs) it's still a tight project.

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Re: Maxwell-Briscoe Garage at 1612 Grand

Post by smh » Tue Nov 04, 2014 1:47 pm

loftguy wrote:
smh wrote:I wish I understood better why developments like this fail. It looks to me like a decent parcel. Mostly because it includes the lot next door which would be great for additional infill. Especially after Grand is narrowed to 3-lanes.

A simple and very real world analysis:

You purchase 1612 Grand and develop 18 apartments. Apply a conservative rental for these 18 units and you estimate $1,200 net rent per month from each of the 18. This provides $21,600 per month income.

$900,000 purchase + $2,500,000 rehabilition and associated costs = $2,400,000

$2,400,000 financed at 6% for 20 years = $17,195 per month loan cost.

$17,195 loan
1,000 prop tax
2,000 leasing/operations/security
1,000 insurance, common area utilities and repair reserves
$21,195 operations

This leaves you with $400 per month if everything goes right. Not much margin for error and a lot of work and risk for a return that your down payment could generate in a lot of other ways.
This is very helpful, thanks!

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Re: Maxwell-Briscoe Garage at 1612 Grand

Post by loftguy » Tue Nov 04, 2014 2:40 pm

beautyfromashes wrote:
loftguy wrote: $900,000 purchase + $2,500,000 rehabilition and associated costs = $3,400,000
This is why this building has not been sold.

Developer math. What can I say....

https://www.facebook.com/video.php?v=78 ... 92&fref=nf

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Re: Maxwell-Briscoe Garage at 1612 Grand

Post by FangKC » Wed Nov 05, 2014 1:19 am

This building would probably be better developed as a small headquarters building where the company could afford to renovate it, and own it instead of worrying about rents covering all the related costs.

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Re: Maxwell-Briscoe Garage at 1612 Grand

Post by FangKC » Wed Jun 24, 2015 1:11 pm

Developer says Grand Boulevard eyesore will be a showplace
After more than a decade, a redevelopment plan for 1612 Grand Blvd. finally may remove an eyesore from the prominent commercial artery just south of Kansas City’s downtown loop.

Kelley Hrabe, co-owner of Prairie Fire Development Group, said he expects to begin noticeable work within three months to turn the boarded-up historic building into offices for his company and other tenants.
http://www.kansascity.com/news/business ... 03599.html

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Re: Maxwell-Briscoe Garage at 1612 Grand

Post by shinatoo » Wed Jun 24, 2015 2:52 pm

Views from the front of that building will be quite suburban.
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Re: Maxwell-Briscoe Garage at 1612 Grand

Post by pash » Wed Jun 24, 2015 3:39 pm

.
Last edited by pash on Mon Feb 13, 2017 9:17 pm, edited 1 time in total.

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