The City might also remain involved in ownership. For example, if a parking garage is constructed in the trench, and an office building is built on top. The city might finance the building of the parking garage base, and retain ownership of that part only.
I believe the City owns the land the Power & Light District is built on, and leased the development rights to Cordish. I can't remember the exact details of the arrangement.
I think that if for some reason, Cordish defaulted on the Power & Light District, or the company itself went bankrupt, the City would take back complete control of the district. Then it would be free to select another real estate developer to run it.
Downtown Loop
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- Mark Twain Tower
- Posts: 9862
- Joined: Tue Jul 17, 2012 7:54 am
Re: Downtown Loop
I didn't think to check that.
The city owns the entire block where the sports events have been held, whatever it's named right now, and the entire block with the president except for the hotel. The retail only parts basically.
Cornish owns the parcels with the present and future apartment buildings, including the midland
The city owns the entire block where the sports events have been held, whatever it's named right now, and the entire block with the president except for the hotel. The retail only parts basically.
Cornish owns the parcels with the present and future apartment buildings, including the midland
- FangKC
- City Hall
- Posts: 18233
- Joined: Sat Jul 26, 2003 10:02 pm
- Location: Old Northeast -- Indian Mound
Re: Downtown Loop
Keep in mind that it doesn't matter if Cordish owns the land right now. I think that since the City is responsible for bonds that have financed much of the development, if Cordish defaulted, the property would revert back to the City. Much like when you buy a house, your name appears on the county's property database as the owner, but since you have a mortgage, if you default, it goes back to the bank.
One might need to go look at the property deed, so see what types of liens are on them.
One might need to go look at the property deed, so see what types of liens are on them.