Three Light

[beautyfromashes]

I’d agree if the land wasn’t all owned by cordish. They have a very clear business model. They build a tower, wait for it to hit their occupancy goal, move forward on the next.

Cordish leaking that they’re about to start the next tower early has happened for everything they do, but they never do it.

Agreed, but what I'm more surprised at is that another developer hasn't used this predictability against them. If I know when a competitor is going to release a new product, I should be able to time my product to swallow up the demand before its launch. Beat them to market with a comparable product or lock up resources (tower cranes, construction employees, concrete, etc.) directly before Cordish would need them.

[GRID]

^ I don't think other developers are going to get a free 20 million dollar parking garage (plus other incentives) and rents in KC are probably still not high enough for a tower like that to go up without such incentives. I'm surprised how conservative Cordish is considering the incentives available to them. Would be nice if they sped things up a little bit.

It sounds like the development on the south side of 670 will not be a high rise (less than 15 floors) from previous posts, so that will probably happen sooner than later.

[WoodDraw]

Cordish got in their incentive requests South of Truman before the change in policy. Whether the city will honor that, I have no idea.

But I know they’re not building affordable housing there. We might build faster if everything didn’t spend months in front of council

[GRID]

Right, but I'm talking about the incentive package for the original P&L deal for all the towers. They all basically get very good incentives plus the city must pay for the garage. I don't see anybody else getting that. KCMO barely honored that deal for Three Light.

I think the project south of 670 is just for basic property tax abetments or the same incentives other low to mid rise projects in KCMO have gotten. So I don't think the numbers work for a highrise there. Hopefully something happens there soon. It doesn't have to be a high rise, although it should be at least 15 floors up near the freeway park.

[TheUrbanRoo]

That project at 14th & Main is moving quickly too. It has a ton of meetings coming up soon and they seem motivated to move fast on it. That project is basically the same thing as what we’ve heard 4L wants to be and it’s actually moving. Cordish is letting other competitors jump by them.

[langosta]

What meetings for 14 Main

[Chris Stritzel]

What meetings for 14 Main

I think UrbanRoo meant 14th and Wyandotte. The Lux high rise.

[WoodDraw]

Right, but I'm talking about the incentive package for the original P&L deal for all the towers. They all basically get very good incentives plus the city must pay for the garage. I don't see anybody else getting that. KCMO barely honored that deal for Three Light.

I think the project south of 670 is just for basic property tax abetments or the same incentives other low to mid rise projects in KCMO have gotten. So I don't think the numbers work for a highrise there. Hopefully something happens there soon. It doesn't have to be a high rise, although it should be at least 15 floors up near the freeway park.

Cordish getting free garages will never happen again. That development agreement is what it is and the city needs to honor it.

I just wish cordish would be a little more appreciative by building and leasing. But I don’t get as upset as other people about it. It was a different time, and cordish does build.

I just find the monthly “cordish is moving up their scheduling” posts very funny.

[beautyfromashes]

My biggest fear is that the Royals will chose Cordish as their development partner. Biggest fear.

[GRID]

My biggest fear is that the Royals will chose Cordish as their development partner. Biggest fear.

They are slow, but who else has built anything as substantial as the light towers? Nobody is building 25 story towers in KC except Cordish.

I mean 20 years and east village has a little section 8 building that needs to be torn down already. So whoever has been in charge of that (Swope or whoever) would be much worse than Cordish.

I just don't know who else is going to build actual new construction high-rises in KC other than Cordish and Cordish will need the same incentives they got for the light towers to build one every five years.

All I can think of is the new stadium brings in some high dollar, high risk out of town developers that will build ultra luxury market rate towers at a price point not seen in KC yet.

Also on a side note, I hope the stadium area is exempt from the Loews rule of not being able to build large hotels downtown. That should be one of the first things to go up near a new stadium. A 500 plus room hotel tower for a higher tier flag.

[TheUrbanRoo]

What meetings for 14 Main

14 & Wyandotte*** my b.

[beautyfromashes]

^GRID
Cordish wasn’t in this market when the P&L deal was made. There are other developers who would be eager to jump into this market with guaranteed demand next to a MLB ballpark and upfront money from the Royals. We have to develop some competition in this town. It is the only thing that will speed up new development.

[GRID]

^GRID
Cordish wasn’t in this market when the P&L deal was made. There are other developers who would be eager to jump into this market with guaranteed demand next to a MLB ballpark and upfront money from the Royals. We have to develop some competition in this town. It is the only thing that will speed up new development.

I totally agree there needs to be more competition. Are you sure Cordish was not part of the original incentives for the towers? I know they were not part of the original plan for the P&L district, but I thought they were always part of the deal for the residential towers part of the project. Anything prior to Cordish were just renderings with nothing backing them up.

But again, yes, KC needs another heavy hitter developer that can put up 25 story buildings. I hope something happens with the tower proposed by Lux Living. It might get the attention of more out of town developers.

[WoodDraw]

The east village is all owned by like two maybe three entities.

Not sure what you guys are talking about. It’s vantrust and the city

[GRID]

I'm talking before van trust when swope builders owned the land and it was master planned to look like this, but all they could get done was one little building.

[beautyfromashes]

I'm talking before van trust when swope builders owned the land and it was master planned to look like this, but all they could get done was one little building.

The Swope Builders plan was a total joke from the beginning. I don’t really know anyone who thought it would develop at all. It was mostly a political choice to favor an East Side builder. It was so way out of their league.

[gfenn11]

I didn't snap a pic, but they are installing wooden louvers over the parking garage.

[Chris Stritzel]

Today's drone photos...

[moderne]

Its like two identical cakes, one with deluxe frostings and topper.

[grecobs]

These pictures are incredible! I’m 31 (for another month ) and it’s pretty incredible to see how much development has happened downtown over my lifetime. There is obviously still a ton to do (e.g. getting rid of all those surface lots!) but 3 Light is just another example of downtown’s renaissance.