Two Light - 14th & Grand

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StrangerThings
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Re: Two Light - 14th & Grand

Postby StrangerThings » Fri Dec 09, 2016 2:39 pm

earthling wrote:Yeah, it very well may turn out OK but I haven't seen any 'series buildings' I personally liked (just an opinion, I'm not worked up over it). Another challenge is when a series of buildings are built over many years intending to look similar with similar say glass. It may not end up looking like the other so is odd looking, especially with the cheap 'glass' they used for One Light - is that plexiglass? Better off just doing each entirely differently. My point is, take the risk out of the equation by not trying to make it look like a series of similar buildings. And it's a monotonous wall on top of it, along what might become the most popular park downtown.



Cheap glass?


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Re: Two Light - 14th & Grand

Postby KCLover » Fri Dec 09, 2016 4:41 pm

I appreciate the architectural creativity, but that is one god awful building.
Looks like some modern knockoff of a Chinese Pagoda.

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Re: Two Light - 14th & Grand

Postby FangKC » Wed Dec 14, 2016 12:46 am

This building would be a nice contrast to the others -- for Three Light -- but a smaller version. It's being built in the Hudson Yards project in New York City. If you put it between Two and Four Light, it would contrast the others enough to avoid appearing to look like a monotonous project.

Image

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Re: Two Light - 14th & Grand

Postby wahoowa » Tue Dec 20, 2016 3:03 pm

the sole two-story "penthouse" unit on what looks to be the NE corner of the 24th/25th floors is a 1558 square foot unit with balcony on the 24th floor. i bring this up because it is the first floor plan in either of the #Light buildings that i thought raised the bar above "new construction faux-luxury layout for upperclassmen in college town", and because having seen this morning that it is listed for an unfathomable $5800 monthly rent i no longer have any remote conception that i am ever going to live in it.

https://twolight.prospectportal.com/Apa ... w/1/tab/2/

here's a rendering of the double-story living room if you're willing to click around, make a fake account, etc.: https://twolightkc.com/360-tours/

that's $3.72 per square foot, and almost exactly $70,000 a year in rent. at even one parking spot at ~100/month, you clear $70k. i have so, so many questions. but the main one: who in kansas city is going to rent this? none of the royals can rely on being here past the trade deadline next summer. travis kelce? the guy on the top floor of wall street towers, so he can choose which view of 1201 walnut he prefers on any given day?

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Re: Two Light - 14th & Grand

Postby hgascoigne » Tue Dec 20, 2016 3:44 pm

wahoowa wrote:travis kelce? the guy on the top floor of wall street towers, so he can choose which view of 1201 walnut he prefers on any given day?


He actually lives on the top floor of One Light, but yes, that price is a little ridiculous for this market.

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wahoowa
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Re: Two Light - 14th & Grand

Postby wahoowa » Tue Dec 20, 2016 3:57 pm

right, listed those as two different people — [kelce] & [guy on top of WST].

i'll throw in the current owners of 909 walnut's penthouse in the mix, so now we're all the way up to three.

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Re: Two Light - 14th & Grand

Postby KCPowercat » Tue Dec 20, 2016 4:41 pm

909 was purchased though.

StrangerThings
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Re: Two Light - 14th & Grand

Postby StrangerThings » Tue Dec 20, 2016 5:44 pm

There are plenty of people who are capable and willing to rent that unit. One light rented 2 penthouse units before they broke ground. Kelce is moving to Two Light, but I'm not sure he's going to take that particular unit. It's about the same monthly payment on a million dollar home!

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Re: Two Light - 14th & Grand

Postby kboish » Tue Dec 20, 2016 6:23 pm

I believe 2 light is already 10% leased. My guess would be that all of the penthouse floors are already leased.

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Re: Two Light - 14th & Grand

Postby flyingember » Tue Dec 20, 2016 6:25 pm

wahoowa wrote:here's a rendering of the double-story living room if you're willing to click around, make a fake account, etc.: https://twolightkc.com/360-tours/

Unit 2401 is a double high

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Re: Two Light - 14th & Grand

Postby ThorsteinVeblen » Wed Dec 21, 2016 10:51 am

I actually think a business owner will rent the penthouse and write the rent off as a business expense. I've noted this before but a lot of the high end rentals coming on the market downtown are being picked up as executive style living for out of town employees and management.

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Re: Two Light - 14th & Grand

Postby kcjak » Wed Dec 21, 2016 11:31 am

Agree with the business expense write off - just under $200/night for a two bedroom with parking and great location seems doable.

So that makes me wonder how it might work with a possible Three Light or Four Light apartment/hotel combination where a renters have access to hotel and concierge services. If a hotel were to go for $200/night at a W, and a one-bedroom apartment leased for $1,500/mo (avg $50/night), what are the chances that a lot of people rent in the building only to turn around and Air BNB it for less than the hotel's nightly rate?

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Re: Two Light - 14th & Grand

Postby StrangerThings » Wed Dec 21, 2016 2:14 pm

ThorsteinVeblen wrote:I actually think a business owner will rent the penthouse and write the rent off as a business expense. I've noted this before but a lot of the high end rentals coming on the market downtown are being picked up as executive style living for out of town employees and management.



Exactly. One light rented well over 10 units right out of the gate to local business. We are always seeing a flow of new people who are staying in their employers units.

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Re: Two Light - 14th & Grand

Postby flyingember » Wed Dec 21, 2016 2:30 pm

A past job I was at the owner owned a condo with plaza views and they used it investors. It had a huge flatscreen, the fastest internet they could get, a great furniture setup, they could custom stock the kitchen for dietary needs/preferences, etc. It was quite nice, I helped setup the Internet service in it. I always figured that for a place with 7-8 figure deals over and over buying or leasing a unit looks really cheap for the value.

There's also side aspects for investor relations. Imagine the same place owns a suite in Sprint Center. They can fly a big investor in who loves team X and they're in the final for Big 12 and not have to worry about where the hotel room will be.
Last edited by flyingember on Wed Dec 21, 2016 2:38 pm, edited 1 time in total.

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wahoowa
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Re: Two Light - 14th & Grand

Postby wahoowa » Wed Dec 21, 2016 2:35 pm

business expense theory makes a ton of sense. and if that's the intended/expected use, that's pretty cool.

on the hybrid apartment/hotel issue — interesting question. some back of the napkin math makes it look like you would have to hit something like 40-60% occupancy throughout a year depending on how close to the hotel cost you priced, just to break even on rent + parking + utilities + internet [and maybe throwing in a bit for one-time set up costs, like furnishing]. that level of annual occupancy would probably involve a not-insignificant amount of additional expenses of either time or money for administrative and cleaning tasks. so it seems to me like there's not a huge risk that many people will aggressively do this as a matter of course. but, variations in rent and administrative costs could definitely drive a different conclusion in some cases.

of course, they could also just add a clause to your lease that makes it a default of your lease to do any of this, and it probably wouldn't be too hard to police it on the sites big enough to drive significant traffic.

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Re: Two Light - 14th & Grand

Postby aknowledgeableperson » Mon Dec 26, 2016 10:10 am

Of course this is the suburbs but New theater Restaurant owns a house in OP that is used to house it's stars.

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LCDSI
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Re: Two Light - 14th & Grand

Postby LCDSI » Tue Dec 27, 2016 12:43 pm

any recent pics of the tower construction progress?

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Re: Two Light - 14th & Grand

Postby miz.jordan17 » Tue Dec 27, 2016 7:45 pm

LCDSI wrote:any recent pics of the tower construction progress?

Image
Image

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Re: Two Light - 14th & Grand

Postby LCDSI » Tue Dec 27, 2016 10:06 pm

thanks miz.jordan17


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