Fed will sell headquarters to Townsend

[missingkc]

a search on the web shows a few that don't have atriums.  one in Portland, OR is in an older building with no atrium.  so, it's not impossible this could become an Embassy Suites.

[aknowledgeableperson]

The owner of the historic downtown office tower that once housed the Federal Reserve Bank of Kansas City has been granted an additional three years to complete his redevelopment plan.

Developer Jason Townsend purchased the 21-story building at 925 Grand Blvd. six years ago for $12 million.

The Kansas City Fed then leased the property from Townsend until it moved into its new headquarters on Main Street near Penn Valley Park in 2008.

As part of his $45 million redevelopment proposal, Townsend received a 10-year property tax abatement from the Land Clearance for Redevelopment Authority in 2008.

His original plan called for the 90-year-old building to be converted into 155 residential condominiums.

The tax abatement agreement called for the project to have been completed by the end of this month. But a sharp downturn in the condo market derailed that timetable.

This week, the authority’s board agreed to extend its deadline, giving Townsend until Jan. 31, 2014, to complete the work.

Read more: http://www.kansascity.com/2011/01/27/26 ... z1CJJboJv5

[trailerkid]

It'd be awesome if they did like a small boutique hotel or all-suites hotel with upscale condos on top.

[loftguy]

It'd be awesome if they did like a small boutique hotel or all-suites hotel with upscale condos on top.

That was the stated plan, up until a couple of years ago.

Quite amazing that they have managed to hold on.

[GRID]

Well the old Federal Reserve may become a 350 room Embassy Suites Hotel!

Wow, this would be a great use of the building and bring more hotel rooms to the downtown loop.

[geeman68]

Well the old Federal Reserve may become a 350 room Embassy Suites Hotel!

Wow, this would be a great use of the building and bring more hotel rooms to the downtown loop.

WHAT?! Where'd you get that bit of information??!

[kboish]

Bizjournal just came out...

http://www.bizjournals.com/kansascity/p ... t-may.html

[bobbyhawks]

Well the old Federal Reserve may become a 350 room Embassy Suites Hotel!

Wow, this would be a great use of the building and bring more hotel rooms to the downtown loop.

That would be killer.  It would be a nice edition to the other Hilton property downtown, and this sounds like one of the more promising ways to extend downtown to the East.  Maybe some decent shops/retail will actually spring up on Grand now.  Can this be called "the Truman Hotel from Embassy Suites."  Wiki says he kept an office there after he was President, and President is already taken.

[kboish]

So this hotel would be in addition to the boutique hotel going in at 1010 grand, correct?

[moderne]

Its quite a schlep from the convention center.

[smh]

Its quite a schlep from the convention center.

Yet very close to Sprint Center.

[Pork Chop]

Its quite a schlep from the convention center.

If you have to carry things, then yes maybe. However, it's not that bad. I walked further than that in some cities while working conventions. The other nice part is that you are able to through the P&L district on the way back from the CC. You know, stop for some stress medicine.

[DaveKCMO]

i am downtown every single day and night. i rarely see conventioneers carry anything except their name tags.

kudos for a (somewhat) market-driven solution to our downtown hotel room crunch.

[IraGlacialis]

Its quite a schlep from the convention center.

Probably not intended to be the convention hotel. Even so, it isn't that much further (3-5 min extra tops) than the usual trek loft dwellers take to go to P&L, and I wouldn't be surprised if shuttles start popping up.
As bobbyhanks mentions, it may even help rejuvenate the area as people walking to Bartle Hall, Sprint Center, and P&L will want to feel comfortable on their trek.

[GRID]

It's hard to even quantify how big a deal this is for downtown, especially east of Grand.  This really needs to happen.

[KC-wildcat]

Definately Probably not intended to be the convention hotel.

[geeman68]

It's hard to even quantify how big a deal this is for downtown, especially east of Grand.  This really needs to happen.

[KCDowntown]

Here are some architectural drawings and floor plans & some financial statements that I found on the LCRA website related to this project:
Architectural docs
Financial docs

KCDowntown

[IraGlacialis]

A page back it was stated that the vault rooms will be used as a data center (pity they won't be on view, but an appropriate utilization). Are the vaults themselves going to remain intact, doors and all?

[KCPowercat]

Like the use but I'm sure convention hotel peeps aren't pleased. This is what they tried to avoid with the cordish deal....and got it rejected.

Wonder how much meeting space they will have....