OFFICIAL - Embassy Suites (former Federal Reserve)

[joshmv]

Looks like it will be amazing. I'm loving the rooftop tapas bar.

[DaveKCMO]

An Embassy Suites is planned for a $100 million renovation of the former Federal Reserve Bank of Kansas City building at 925 Grand Blvd. Delta Quad Developers of Denver is working to convert the historic 21-story tower to a proposed 301-room family-oriented hotel, a full-service hotel size that nearly moves it out of the small hotel category. The developers will seek TIF assistance at a November hearing.

Read more here: http://www.kansascity.com/news/business ... rylink=cpy

[KCDowntown]

The TIF packet for this proposal is online here.

There is not much new in the packet other than some dates: construction start in summer 2016, and completion in spring 2018.

The packet has a ton of pics from inside showing the current state of the building. It's in rough shape, but not as bad as a lot of the TIF projects that come through.

KCDowntown

[Eon Blue]

"Four-story lobby in tower is inefficient"

[FangKC]

Haha. There are newer hotels with lobbies that are more than 4-stories tall. Part of the purpose of hotel lobbies is that they be grand and beautiful--however inefficient the space.

[DaveKCMO]

http://www.bizjournals.com/kansascity/n ... roval.html

The Tax Increment Financing Commission of Kansas City on Wednesday advanced TIF for a $148.5 million redevelopment project that will turn the former Federal Reserve Bank of Kansas City building at 925 Grand Blvd. into a 301-room Embassy Suites hotel.

The TIF Commission board voted 6-5 to recommend City Council approval of the Grand Reserve Hotel TIF Plan, which would divert $15.8 million worth of sales, earnings and other economic activity tax revenue to the project over 23 years.

[FangKC]

I was thinking about this building today, and it made me wonder why a bank, or larger financial institution, from outside of KC, didn't buy this building for a branch or a regional headquarters. Especially one wanting to enter the market. The building was mostly in good shape, and it could have easily been renovated to meet the needs of such an enterprise. It would have negated having to build a new building, and go through all the laborious efforts involved.

[DaveKCMO]

will be interesting to watch this project go through the incentives process. it's been vacant a LONG time and is an unusual conversion.

[grovester]

I can see the headlines now, "WE'RE GIVING TAX PAYER MONEY TO THE BANKS!"

[geeman68]

Gawd, I hope people see that converting this to Embassy Suites or Whatever upscale hotelier is worth the incentives. Just to clean up the pigeon poo on the South side.

[flyingember]

Man this building's north side is an EYESORE.
We need this to happen so they can add windows to the north side.

Like P&L, that's where the elevators are.

http://dnr.mo.gov/shpo/nps-nr/07000327.pdf
page 7

[flyingember]

Why not a light show? Without windows to worry about there's way more options on the table.

[joshmv]

Why not a light show? Without windows to worry about there's way more options on the table.

This may be a joke, but it made me think of Quixotic (based in KC) that did this for Union Station...

https://vimeo.com/105484455

It would be awesome for them to have a permanent installation somewhere but I don't know enough about the setup to know if it's feasible.

[FangKC]

In a really healthy real estate market, I could see an annex building going up on the north of the old Federal Reserve Building that would extend to the Grand Avenue Temple office building--with a wing stretching over to McGee. An innovative architect could even build floors over that older 4-story annex building, leaving it intact, and put new structure on each side of it that could be a lobby or retail space.

[DaveKCMO]

here we go: http://cityclerk.kcmo.org/liveweb/Docum ... n%2bHSmepL

[hartliss]

here we go: http://cityclerk.kcmo.org/liveweb/Docum ... n%2bHSmepL

And for those who aren't well versed in legal jargon, this doc means that it is moving forward to the next step?

[kboish]

Not yet. it will be heard by PZE committee at the next meeting in two weeks. Now we get to see if the council will grant incentives DT still

[hartliss]

Not yet. it will be heard by PZE committee at the next meeting in two weeks. Now we get to see if the council will grant incentives DT still

Based on what I read, this is going to be a hefty incentive ask. Will be interesting to see how it plays out.

[mgh7676]

Anyone know what happened with this project at the PZED meeting today?

[kboish]

Pushed to May