KCRag Forum

I've been wanting to live in this building but it looks like it won't be condo, rent only. At least it's closer to reality. Timetable looks like 2004.


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Developer gets full property tax abatement for downtown apartment project
By KEVIN COLLISON
The Kansas City Star

Missouri's tallest apartment building should be ready for residents next year following the approval Thursday of a hefty tax incentive package by the Kansas City Council.

Interior demolition should begin in a few weeks on the 35-story Fidelity Bank & Trust Building at 909 Walnut St. Completion is expected in fall 2004. The historic office tower will be converted to 180 luxury apartments.

"Its rebirth represents a milestone redevelopment for our city, both in terms of historic preservation and in creating exciting new housing opportunities," Mayor Kay Barnes said.

It also represents a milestone of sorts for city tax incentives. The council approved a 100 percent Chapter 353 property tax abatement for 25 years, 15 years longer than usual. The standard incentive is full tax abatement for 10 years and half tax abatement for 15 years.

The project also will use tax increment financing to help finance a seven-story, 350-space parking garage to serve 909 Walnut and a smaller building at 927 Walnut. The total development cost is $55 million.

The developers, Simbol Commercial and Housing Horizons LLC, a subsidiary of Kimberly-Clark Corp., both of Dallas, convinced the city the large tax breaks are necessary to make the huge project economically feasible.

Their partnership, 909 Walnut Redevelopment Corp., will provide $18 million in equity for the development.

"We're excited about what this will do for downtown in the long term," said Glenn Solomon, president of Simbol Commercial. "We've got great ideas and...the incentives will open up all the creative things we want to do."

The developers think the project's quality will command monthly rents in the $1.25 per square foot range versus the average of $1. City officials hope they achieve that level so downtown can be more attractive to other developers.

"909 Walnut will help us accomplish our goal of building a vibrant residential community downtown and will significantly enhance the vitality of the business climate," Barnes said.

The project will include a 5,000-square-foot restaurant on the ground floor, 70,000 square feet of office space, a health club and a rooftop garden atop the parking garage.

The Fidelity Bank building was completed in 1931 and for many years housed federal offices. It has been vacant since 1995. It was bought in 2000 by Simbol Commercial.

I'm VERY glad the council decided that this is a landmark project and deserved the extra tax incentives.

Great news. Once again, its nice to see that someone who is willing to do a project like this is willing to spend a little extra for a higher quality project. I think the returns in doing so will far outweigh the initial incremental cost. KC developers take note.

It will be nice to see this building lit up again at night. It's such a dominating high rise, the twin spires will really be cool when they are lit up. I hope they do something similar to the P&L building and light the external up.

Nice to have some higher priced places going in downtown.

Very exciting project.

yeah odd it's all rentals....we do need more "for own" places downtown.

P&L is still too much up in the air to know whether they will be rent or own.

River market has a view properties that are for own, don't they?

I've always wanted to contact a realtor and just let them tell me all the ones available

There is still a big market for high end rental properties. A lot of people don't want to make the commentment or tie themselves to realestate.

I wouldn't think much of it. There is plenty of condos coming on line. Need to have something for everyone. Renting might be the only way to make this very expensive project work right now.

Finally, a project deserving of a tax break

With high-end rental downtown a lot of the occupants would probably be somewhat transient, e.g. business people who are in town for an extended assignment but not long enough to make buying something worthwhile.

Does anyone know how the City Place apartments in Westport are doing? I was also skeptical that most people who could afford those rents wouldn't rather buy.

There are a lot of people that just don't want to buy yet...even married couples (like myself) sometimes hold off till they (we) know what we want to do. Plus many don't want the responsibility that owning comes with....

there is a market out there for these places......I can't wait to see Fidelity get started.....

Man, is the snowball rolling down the "KC urban core renewal" hill big enough yet? Wait until the PAC breaks ground...we're going to see dirt moving EVERYWHERE, very soon.

So I've been making the claim that this will be the tallest residential tower in the Midwest (outside of Chicago of course).

Is this a correct statement? I know Denver doesn't have a res. tower taller, does Minneapolis?

I'll keep shooting my mouth off until somebody proves me wrong then

San Fransisco Tower is 35 I think. But it's overall height is not close to 909.

i really really really wanna know how tall it is... it is AT LEAST 350 feet and the highest would be 460 feet. But what is the exact height?

ssp.com has it at 455

thats an estimate i use (im an editor for the United States)

They've put out concrete barriers on the rightmost lane in front of this building. It looks like work is finally ready to begin on the tallest residential building in Missouri.

cool
i cant wait i dont like seeing it black,
another thing id like done is commerce tower lit up blue

From my best assessment of the scene, they are cleaning out the lower and larger floorplates right now. They've got plastic tubing coming out of the bottom 4 floors into a large trashbin. Work just started, but it already looks pretty busy.

KCDowntown

I hope the developer of the Fidelity project had the foresight to include a petting zoo, and a nice porch swing on the front.

The tallest apartment building in the United States is located in New York City. It has 90 floors; sits on First Avenue (in the E. 40s) across from the United Nations Residential towers; and was developed by Donald Trump. It was completed in 2002.