NE Corner of 14th & Wyandotte (300 unit apartment)

[mister816]

Of those flags, which one(s) would add the most bang for the city's buck (marketing, tourist choice, stay-cations for locals, etc...)?

All but Hard Rock probably fill a unique gap in the market. Hard Rock is a specialty brand so idk

i feel like we should have a hard rock somewhere in the P&L district. I think that it would be out of place over there by it's self. In my ideal world, a Hard Rock hotel and restaurant would go perfectly where the strata tower was originally planned.

[dukuboy1]

How about a Hyatt? We have not had that brand in town for some time now. It would offer a variety in the area. Hard Rock would be ok but I agree a restaurant & hotel combo in P&L makes more sense. A hotel casino would great as well

[GRID]

200 rooms seems small for most of these brands. Would be nice to see something more in the range of 300-400

And please god no on a casino hotel. I absolutely hate casinos and casino hotels in urban areas outside of Vegas etc.

KC really needs a large JW Marriott or a large Hyatt downtown a lot more than these specialty brands. Hard Rock would be interesting I guess, but this location seems out of place. Then again, they almost put one in a farm field in Edwardsville KS literally in the middle of nowhere, so nothing would surprise me now with them.

[Chris Stritzel]

Worth noting that unlike other Lux properties, this one will be leased and managed by Greystar and built by a local contractor. This comes from a BizJournal and CityScene KC story. Definitely a welcome change in my opinion.

[smh]

Worth noting that unlike other Lux properties, this one will be leased and managed by Greystar and built by a local contractor. This comes from a BizJournal and CityScene KC story. Definitely a welcome change in my opinion.

Interesting! Any idea if this is Greystar's first project in the metro or do they operate some apartment complexes out in suburbs?

[langosta]

Greystar management had a long time presence in the metro and used to manage a few urban core projects.

[smh]

Greystar management had a long time presence in the metro and used to manage a few urban core projects.

Ahh, I didn't realize. Thanks for the info.

[langosta]

This projected is being required to undergo the FAA approvals process for a new structure AND for a temporary tower crane

[Chris Stritzel]

4 applications made to the FAA for the building - 340ft
https://oeaaa.faa.gov/oeaaa/external/se ... 8945&row=9

1 application made for a tower crane of 400ft.
https://oeaaa.faa.gov/oeaaa/external/se ... 950&row=10

Makes sense. Should get approved because the height is lower than P&L.

[FangKC]

What are the odds this project doesn't get built?

Federal investigators seek records tied to St. Louis developer Lux Living

ST. LOUIS — Federal authorities have subpoenaed a city agency for records related to developers Vic Alston and Sid Chakraverty — the brothers behind Lux Living, STL Citywide and Asprient Properties.

The request for records was sent to the St. Louis Development Corporation, people familiar with the matter said on Wednesday.

It’s unclear exactly what records federal investigators sought from SLDC or when the subpoena was delivered.

But Alston and Chakraverty’s companies have obtained property tax abatement and other development incentives from the office for numerous projects over the years.
...

https://www.stltoday.com/news/local/bus ... user-share

[dukuboy1]

well given KC's history, uncertain economic issues persist, upcoming political uncertainty. it's an up hill battle for any development that does not have financing set and plans ready to go. This I think has certain things ready but perhaps not "shovel ready" so to speak.

I'd say 40% it does not get built as proposed. There still may be some kind of development that happens but maybe not the same scale.

[FangKC]

I'm concerned they will lose their bank financing with this federal investigation. The City might also rethink awarding incentives to this developer while under federal investigation.

[DMNBT_RCJH]

TIF hearing keeps getting pushed back on a monthly basis. Now scheduled for November, but it was also scheduled for September, and then Ocotober, and has been pushed back each time.

I'm hopeful this project has legs, as a non-Cordish residential high rise will be a fantastic addition--although residents in a certain adjacent North Point property will complain about it blocking the sun in the mid-afternoon on their rooftop pool.

Regarding financing, there has perhaps never been a time in modern financial markets where getting financing from a traditional money center or regional bank is less important. If the project still pencils out, the developers can tap the private credit market--as many multifamily properties in Nashville and other cities have. (I know, the KC market is not Nashville). Many direct lending shops are also themselves operators, ostensibly allowing them to finance riskier projects.

[smh]

TIF hearing keeps getting pushed back on a monthly basis. Now scheduled for November, but it was also scheduled for September, and then Ocotober, and has been pushed back each time.

I'm hopeful this project has legs, as a non-Cordish residential high rise will be a fantastic addition--although residents in a certain adjacent North Point property will complain about it blocking the sun in the mid-afternoon on their rooftop pool.

Regarding financing, there has perhaps never been a time in modern financial markets where getting financing from a traditional money center or regional bank is less important. If the project still pencils out, the developers can tap the private credit market--as many multifamily properties in Nashville and other cities have. (I know, the KC market is not Nashville). Many direct lending shops are also themselves operators, ostensibly allowing them to finance riskier projects.

Thanks for the info. Welcome!

[atticus23]

I keep getting a flashy "sponsored ad" for this tower on instagram, which surprises me given their litigation troubles and the continued push-back of their TIF hearing.

[DMNBT_RCJH]

I keep getting a flashy "sponsored ad" for this tower on instagram, which surprises me given their litigation troubles and the continued push-back of their TIF hearing.

Good catch. The developer posted about the project on their IG yesterday. It is only their second post about the project and first since June 5. I'm not going to even pretend to delve into what that means. I suppose this is the development version of a college football plane tracker.

[GRID]

Hard to get excited about this project. Or the one by the Kauffman Center, or the one at 12th and Grand.

I know I'm a long time pessimist, but I just don't see these larger towers going up. Even with free parking garages, Cordish is very conservative and they are only putting up midrises. (15 story towers on top of garages). The numbers are obviously just not working in the KC market for taller buildings.

Lux living has not even broken ground on that project on the Riverfront yet and that seems much more doable.

I really really hope this happens, but till there is a tower crane up, I would give this about a 10% chance of happening.

[TheUrbanRoo]

Well you also give just about every project a 10% chance of happening and most of them happened or are happening already

[Chris Stritzel]

If anything, the federal investigations into the company and continued negative news coverage in St. Louis would sink this one. Lux Living might want to actually build this, and they seem like they want to, but when you have multiple fires burning around you, you have to deal with those first.

[GRID]

Well you also give just about every project a 10% chance of happening and most of them happened or are happening already

Not true at all. Give me some examples please. Pretty sure all the projects that I have thought had little chance of happening have not happened yet. For example, I never thought the Cordish towers would not happen. Not with the incentives they got. Although they have been scaled back even with incentives. One light was to be 35 floors for example till right before they broke ground. I'm just saying I don't think the numbers work in KC for larger buildings.