Fed will sell headquarters to Townsend

KansasCityCraka · Post by **KansasCityCraka** » Tue Mar 15, 2005 9:20 pm

Fed will sell headquarters to Townsend

The Federal Reserve Bank of Kansas City said Tuesday that it has an agreement to sell its downtown headquarters facility to Townsend LLC.

The Fed did not disclose terms of the sale, other than to say that it includes an agreement that will allow it to lease back the space until its new headquarters is completed. Sources told The Business Journal in January that Townsend beat out eight other bidders by offering to pay more than the $10.8 million asking price.

The headquarters building at 925 Grand Blvd. and surrounding property, including a parking garage, were listed for sale in mid-2004. Townsend previously has described a mixed-use plan for the headquarters building, with apartments and offices above street-level retail space.

Townsend is converting another downtown office tower, at 1101 Walnut St., into condominiums.

The Fed said Tuesday that construction is scheduled to begin later this year on its new 600,000-square-foot headquarters at 29th and Main streets. The headquarters is expected to be completed in mid-2008.

Gladstoner · Post by **Gladstoner** » Tue Mar 15, 2005 9:57 pm

Hopefully they can redo the gawdawful north facade and cut out some windows.

thedream · Post by **thedream** » Wed Mar 16, 2005 8:29 pm

Anyone realize he got a hell of a deal espically since One Park Place is asking $10 million for the entire top floor. So for 2 million more he got 20 other floors and every other building in that square block.

Post by **staubio** » Thu Mar 17, 2005 11:11 am

thedream wrote:Anyone realize he got a hell of a deal espically since One Park Place is asking $10 million for the entire top floor. So for 2 million more he got 20 other floors and every other building in that square block.

...and an existing lease paying tenant for the time being. Awesome deal.

KCK · Post by **KCK** » Mon Mar 21, 2005 3:09 pm

This is an absolutely beautiful building and I am sure that any condos there will demand a premium.

GRID · Post by **GRID** » Mon Mar 21, 2005 7:06 pm

DeadManWalking wrote:This is an absolutely beautiful building and I am sure that any condos there will demand a premium.

Yes it is, too bad they tore down the building to the south of it and put in a parking lot though.

moderne · Post by **moderne** » Mon Mar 21, 2005 7:27 pm

The building was the Lathrop Bldng and it was already restored in the early '80's.

KCK · Post by **KCK** » Mon Mar 21, 2005 9:57 pm

Perhaps ideas for the redevelopment of that parking lot are already floating around. If not, let's think of some. How about ground level retail with a parking garage above it for condo dwellers/retail tenants?

moderne · Post by **moderne** » Thu Dec 15, 2005 12:56 pm

Development wil be called "The Reserve" and will have an uniquie amenity---a shooting gallery!

LenexatoKCMO · Post by **LenexatoKCMO** » Thu Dec 15, 2005 2:41 pm

KCK wrote: Perhaps ideas for the redevelopment of that parking lot are already floating around. If not, let's think of some. How about ground level retail with a parking garage above it for condo dwellers/retail tenants?

I believe the Fed already has a rather sizable gargage to the east.

macnw · Post by **macnw** » Thu Dec 15, 2005 3:23 pm

If Townsend could buy the lot next to the old Fed, he might be able to pull of that "signature" building for KC. I could envison a twin tower complex(extended stay hotel/condo/apartment/retail structure). The renovated Fed building and a new contemporary structure next to it. Put the parking on street and or below the structures.

moderne · Post by **moderne** » Thu Jan 26, 2006 4:21 pm

Are all former feds converted to condos called the same? Check out LA's branch---www.reservelofts.com

Long · Post by **Long** » Thu Jan 26, 2006 5:07 pm

moderne wrote: Â Â Development wil be called "The Reserve"

uggh . . . I think the names of these developments are so lame.

macnw · Post by **macnw** » Thu Jan 26, 2006 6:52 pm

Who the frick cares what its named? Really, what does that matter?

Long · Post by **Long** » Fri Jan 27, 2006 2:04 pm

macnw wrote: Who the frick cares what its named? Really, what does that matter?

It's not a big deal, I'm just saying I think they're all lame. Can I just make a random comment? Take a pill.

ComandanteCero · Post by **ComandanteCero** » Fri Jan 27, 2006 2:11 pm

hehe, yeah that name does sound generic. They were talking about how lame project names have become in recent years on one of the other boards (even though i think for the most part 90% of project names have always been pretty lame). They decided something like anything that has "village", "rennaisance", or some acronym that tries to ape "SOHO", is automatically stupid. I guess this isn't too bad compared to those, but still

macnw · Post by **macnw** » Fri Jan 27, 2006 3:00 pm

Bitch, bitch, bitch. I don't like the building design, I don't like the color, I don't like the street level design, too much parking, too tall, too short, poor planning and now I don't like the name!!!!!!!! How about this is what I like for a change. Way too much negative sentiment on this site

Tosspot · Post by **Tosspot** » Fri Jan 27, 2006 3:01 pm

macnw wrote: Bitch, bitch, bitch. I don't like the building design, I don't like the color, I don't like the street level design, too much parking, too tall, too short, poor planning and now I don't like the name!!!!!!!! How about this is what I like for a change. Way too much negative sentiment on this site

The alternative you imply is to take the stance of the proverbial flat-headed bliss ninny, which is even less desireable.

ComandanteCero · Post by **ComandanteCero** » Fri Jan 27, 2006 3:18 pm

macnw · Post by **macnw** » Fri Jan 27, 2006 4:10 pm

No. Optimism. A foreign word to most on this forum.

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