OFFICIAL - Power & Light Apartments

Post by **KCMax** » Tue Jun 12, 2012 9:54 am

A tour at the top: Taking a trip up the Power & Light Building

longviewmo · Post by **longviewmo** » Tue Jun 12, 2012 2:57 pm

It seems like BNIM should be really involved in fixing up the building. Their website tagline even says "Architecture firm with a focus on sustainable architecture" - what better showcase project than fixing up the building where their headquarters are located?

loftguy · Post by **loftguy** » Tue Jun 12, 2012 3:40 pm

longviewmo wrote:It seems like BNIM should be really involved in fixing up the building. Their website tagline even says "Architecture firm with a focus on sustainable architecture" - what better showcase project than fixing up the building where their headquarters are located?

So, they should spend $45-80 million dollars to fix up their landlords building? Yes, that would be a gracious gesture.

BNIM has done a great job of maintaining an attractive and lively presence in this landmark building.

longviewmo · Post by **longviewmo** » Tue Jun 12, 2012 8:01 pm

I assumed architectural firms do quite a bit of design work, and in this case BNIM seems like a no brainer. Actually, they already seem on board for the redevelopment. I'm not really sure where I said that they should spend that much money.

chaglang · Post by **chaglang** » Tue Jun 12, 2012 8:40 pm

BNIM has been involved with some work in the P&L but the relationship with the owner hasn't been easy. I know they were actively looking at moving to another building a few years back.

The question I wish the article had answered is, why is there only one tenant in the building? Did the current owners get such a good deal on the building that BNIM's rent can support the whole thing?

KCPowercat · Post by **KCPowercat** » Tue Jun 12, 2012 10:20 pm

They put condos in there, going to be hard to keep me out.

Post by **KCMax** » Wed Jul 18, 2012 11:32 am

From the twitter:

.@kckansascity dropping that p&l BUILDING unofficially under contract on @KCURUpToDate and residential is the plan. NICE #downtownkc

chaglang · Post by **chaglang** » Wed Jul 18, 2012 11:49 am

KCMax wrote:From the twitter:

.@kckansascity dropping that p&l BUILDING unofficially under contract on @KCURUpToDate and residential is the plan. NICE #downtownkc

kboish · Post by **kboish** » Wed Jul 18, 2012 12:12 pm

Hope this doesn't fall through. Would be great. Sounds like momentum for downtown.

thegeester68 · Post by **thegeester68** » Wed Jul 18, 2012 1:09 pm

OH. MY. GAWD. If this happens and it goes either market rate rentals or "reasonably" priced condos. That would be a HUGE boost to residential along with the P&L tower/Midland office additions! Woot.

kboish · Post by **kboish** » Wed Jul 18, 2012 1:47 pm

I would guess it would be rental? doubt anyone could get financing for condos.

If residential is the plan I would also guess Sherman and Assoc is the entity under contract.

This now also puts into question where a DT convention hotel would go.

pash · Post by **pash** » Wed Jul 18, 2012 1:54 pm

kboish · Post by **kboish** » Wed Jul 18, 2012 1:59 pm

Would be great!

but whoever buys PnL will also own the two parcels immediately next to the building. Unless they are developing a hotel as well, doubt that will happen.

There are plenty of places to build a hotel IMO, but this was the most viable. Hope it can happen somewhere else though

taxi · Post by **taxi** » Wed Jul 18, 2012 2:38 pm

Without knowing any details, it's pretty safe to say that they will be using historic tax credits to help finance the project and therefor cannot sell them as condos, at least not for 5 years.

loftguy · Post by **loftguy** » Thu Jul 19, 2012 10:22 am

Based on rumor only, it would appear that this developer intends low/moderate income tax credit lofts to be developed.

kboish · Post by **kboish** » Thu Jul 19, 2012 10:37 am

That would support my guess that Sherman and Assoc are the buyer.

They seem to be a good organization so I would be happy to see that

earthling · Post by **earthling** » Thu Jul 19, 2012 10:39 am

It didn't make a Kevin Collison piece in the Star today or the Biz Journal so it's probably either a rumor or very preliminary. Even if it's 'unofficial' and doesn't go through, I like the activity from the development community looking to invest more into downtown. Obviously it will be a huge score if this happens as long as it's not too dependent on subsidies beyond city infrastructure.

lock+load · Post by **lock+load** » Thu Jul 19, 2012 10:43 am

Hopefully any residential conversion can incorporate and remaining interior features into the residential design. Not sure what is left of interest inside the building, but hate to see it gutted inside and replaced with cheap apartment finishes.

chaglang · Post by **chaglang** » Thu Jul 19, 2012 11:42 am

Apart from some of the elevator lobbies, there aren't a whole lot of visible elements left to preserve. If they're lucky there are some historic finishes that were just drywalled over and not removed. I'd be surprised if there is anything on the upper floors that is as nice or ornate as the lobby.

kboish · Post by **kboish** » Fri Jul 20, 2012 7:30 am

http://www.bizjournals.com/kansascity/p ... ll-to.html

Boom. nailed it. I don't have full access. any good nuggets in there?

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OFFICIAL - Power & Light Apartments

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