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.
User avatar
FangKC
City Hall
City Hall
Posts: 18141
Joined: Sat Jul 26, 2003 10:02 pm
Location: Old Northeast -- Indian Mound

Maxwell-Briscoe Garage at 1612 Grand

Post by FangKC »

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

Image

Image
User avatar
DaveKCMO
Ambassador
Posts: 20039
Joined: Sun Nov 27, 2005 6:22 pm
Location: Crossroads
Contact:

Re: Maxwell-Briscoe Garage at 1612 Grand

Post by DaveKCMO »

i am in complete awe that this one is actually happening. that block has been derelict for so long.
User avatar
KCPowercat
Ambassador
Posts: 33828
Joined: Mon Oct 07, 2002 12:49 pm
Location: Quality Hill
Contact:

Re: Maxwell-Briscoe Garage at 1612 Grand

Post by KCPowercat »

Nice surface parking lot would have went well there. Oh well.
User avatar
bahua
Administrator
Administrator
Posts: 10925
Joined: Thu Jan 23, 2003 7:39 pm
Location: Out of Town
Contact:

Re: Maxwell-Briscoe Garage at 1612 Grand

Post by bahua »

A brilliant get!
User avatar
Eon Blue
Alameda Tower
Alameda Tower
Posts: 1124
Joined: Mon Jan 30, 2012 11:28 pm
Location: Downtown KCMO

Re: Maxwell-Briscoe Garage at 1612 Grand

Post by Eon Blue »

Don't they know they should be afraid to develop downtown? It's nothing but a bunch of NIMBY's down there.
User avatar
FangKC
City Hall
City Hall
Posts: 18141
Joined: Sat Jul 26, 2003 10:02 pm
Location: Old Northeast -- Indian Mound

Re: Maxwell-Briscoe Garage at 1612 Grand

Post by FangKC »

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
MidtownCat
Valencia Place
Valencia Place
Posts: 1930
Joined: Fri May 07, 2004 12:05 pm
Location: ~Westwood~

Re: Maxwell-Briscoe Garage at 1612 Grand

Post by MidtownCat »

Not gonna lie, was really hoping for a drive through Subway.
User avatar
DaveKCMO
Ambassador
Posts: 20039
Joined: Sun Nov 27, 2005 6:22 pm
Location: Crossroads
Contact:

Re: Maxwell-Briscoe Garage at 1612 Grand

Post by DaveKCMO »

has this project stalled? no permits in almost a year. windows still boarded up.
loftguy
Bryant Building
Bryant Building
Posts: 3850
Joined: Fri Sep 16, 2005 12:12 pm

Re: Maxwell-Briscoe Garage at 1612 Grand

Post by loftguy »

Appears that the proposed development has been put aside.

Recently received an email offering the building for purchase.

Believe they were asking $895,000.
atticus23
Strip mall
Strip mall
Posts: 206
Joined: Wed Aug 08, 2012 3:14 pm
Location: Roanoke/Volker

Re: Maxwell-Briscoe Garage at 1612 Grand

Post by atticus23 »

If you go to trulia.com and type in the zip code (64108), it's the second of third listing after adjusting for price.
User avatar
smh
Supporter
Posts: 4303
Joined: Tue Jun 08, 2010 10:40 pm
Location: Central Loop

Re: Maxwell-Briscoe Garage at 1612 Grand

Post by smh »

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.
loftguy
Bryant Building
Bryant Building
Posts: 3850
Joined: Fri Sep 16, 2005 12:12 pm

Re: Maxwell-Briscoe Garage at 1612 Grand

Post by loftguy »

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.
User avatar
beautyfromashes
One Park Place
One Park Place
Posts: 7188
Joined: Mon Mar 21, 2005 11:04 am

Re: Maxwell-Briscoe Garage at 1612 Grand

Post by beautyfromashes »

loftguy wrote: $900,000 purchase + $2,500,000 rehabilition and associated costs = $3,400,000
This is why this building has not been sold.
zonk
Alameda Tower
Alameda Tower
Posts: 1250
Joined: Sun Oct 12, 2003 12:07 pm
Location: downtown

Re: Maxwell-Briscoe Garage at 1612 Grand

Post by zonk »

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.
User avatar
smh
Supporter
Posts: 4303
Joined: Tue Jun 08, 2010 10:40 pm
Location: Central Loop

Re: Maxwell-Briscoe Garage at 1612 Grand

Post by smh »

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!
loftguy
Bryant Building
Bryant Building
Posts: 3850
Joined: Fri Sep 16, 2005 12:12 pm

Re: Maxwell-Briscoe Garage at 1612 Grand

Post by loftguy »

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
User avatar
FangKC
City Hall
City Hall
Posts: 18141
Joined: Sat Jul 26, 2003 10:02 pm
Location: Old Northeast -- Indian Mound

Re: Maxwell-Briscoe Garage at 1612 Grand

Post by FangKC »

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.
User avatar
FangKC
City Hall
City Hall
Posts: 18141
Joined: Sat Jul 26, 2003 10:02 pm
Location: Old Northeast -- Indian Mound

Re: Maxwell-Briscoe Garage at 1612 Grand

Post by FangKC »

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
shinatoo
Ambassador
Posts: 7392
Joined: Wed Jan 19, 2005 3:20 pm

Re: Maxwell-Briscoe Garage at 1612 Grand

Post by shinatoo »

Views from the front of that building will be quite suburban.
pash
Bryant Building
Bryant Building
Posts: 3800
Joined: Sun Feb 20, 2011 2:47 am

Re: Maxwell-Briscoe Garage at 1612 Grand

Post by pash »

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