OFFICIAL - East9 (former Pickwick Plaza)

[FangKC]

The Business Journal is reporting that Alchemy Ventures, joined by Rockcrest Holdings, has purchased East 9 Apartments (the former Pickwick Hotel). This is their eighth Kansas City-area acquisition since 2018. They are New York-based, and now own more than 600 apartments in the Metro.

$65 million renovation bought for $35 million.

Yikes! What happened?

[normalthings]

The Business Journal is reporting that Alchemy Ventures, joined by Rockcrest Holdings, has purchased East 9 Apartments (the former Pickwick Hotel). This is their eighth Kansas City-area acquisition since 2018. They are New York-based, and now own more than 600 apartments in the Metro.

$65 million renovation bought for $35 million.

Yikes! What happened?

Sorry. $65 million renovation sold for $39 million. No idea what went wrong. Sounds like Alchemy Ventures plans on renovating it again.

The companies plan to “strategically renovate and upgrade the property,” they said in a release. This includes building six new penthouse units on the top floor, which will include outdoor spaces with panoramic views of Downtown. Other work will include adding washer/dryer combos to the units and modernizing finishes, the release said.

Alchemy and Rockcrest acquired the property directly from the seller.

[WoodDraw]

All of the places have hookups for a washer and dryer, so that's an easy add.

Not having outdoor spaces hurt this place. You can't even open windows there. Huge Airbnb spot too. Felt more like a hotel.

[langosta]

All of the places have hookups for a washer and dryer, so that's an easy add.

Not having outdoor spaces hurt this place. You can't even open windows there. Huge Airbnb spot too. Felt more like a hotel.

hotel could be a good use.

[CrossroadsUrbanApts]

I had hoped the City might buy this property and offer it as affordable housing. Similar to project HomeKey/RoomKey in California.

[FangKC]

I wish the new owners would buy the Abnos building (formerly called the Insurance Building; built as Spalding Commercial College) on the NW corner of 10th and Oak, and renovate it as part of this project.

This building popped up this year on the Most Endangered Listed compiled by Historic Kansas City:

318–20 E. 10th Street

New to the list in 2021, Spalding Commercial College was built in 1912 by James Franklin Spalding, co-founder with his father E. H. Spalding, who led one of the largest institutions of its kind in the West, It prepared young men and women for a business education. Abdiana Properties unveiled plans in 2006 to convert the building into commercial space and apartments utilizing 10-year, 100 percent property tax abatement and historic tax credits. The project later stalled and remains vacant.

[FangKC]

Is this fully-leased now?

[bspecht]

Wine bar is back, assuming not Cellar Rat affiliated. https://compasskc.kcmo.org/EnerGov_Prod ... d2e94be247

[WoodDraw]

Wine bar is back, assuming not Cellar Rat affiliated. https://compasskc.kcmo.org/EnerGov_Prod ... d2e94be247

Calling a bar Kohinoor is certainly a choice lol. I don't know who is involved so no comment at this time