OFFICIAL - Power & Light Apartments

[KCPowercat]

Yael doesn't specialize in commercial real estate. His opinion means little.

[FangKC]

The sooner Gailoyd doesn't own the P&L Building, the better. They've owned it for years (since 1965) and done little with it. They complained about the blight around the building and called for demolition of the President Hotel so they could develop their property. It's been years since. They still haven't developed it. The President reopened, the Mainstreet Theater reopened, the P&L District opened, and the former TWA Training Building and Armacost Motors buildings were demolished. Gailoyd has done nothing with the building except try and sell it.

At this point, I think three proposals have come around to develop it. The first proposal added an office building to the west. The second was the convention hotel project Ron Jury proposed. The third the apartment conversion Sherman Associates put forth. Still, Gailoyd hasn't sold the building.

Gailoyd appears to be waiting for a payday that will never come. It's apparent they are asking too much for the building in its' present condition. They seem to hope that taxpayers will subsidize them to a point that the property becomes more valuable.

In most of the period since KCPL moved out, the building has just sat empty. Gailoyd hasn't tried to renovate office space and fill it with a different kind of tenant. Instead of going for big tenants that could fill many floors, it might have been wiser to rent to smaller tenants that don't require a lot of sq. footage.

The problem with letting the building sit empty for so long is that buyers don't see a tenant list, so only big developers who plan to repurpose the entire building are interested.

[aknowledgeableperson]

Yael doesn't specialize in commercial real estate. His opinion means little.

Do you?

Much like you I know people who know certain things about certain topics. True, it isn't because they specialize in those topics its because they know someone who does and they talk. So he doesn't specialize in commercial real estate. It is very likely he has talked to someone who has intimate details of this particular project.

[KCPowercat]

I can't take those leaps of assumptions with you. I have no idea what that building is worth but to make assumptions doesn't make anybody smarter on the subject at hand.

[aknowledgeableperson]

what that building is worth

It is worth what one is willing to pay for it. Which in this case one (Sherman) isn't willing to pay the price the owner (Gailoyd) wants, or at least without some assistance.

[Highlander]

what that building is worth

It is worth what one is willing to pay for it. Which in this case one (Sherman) isn't willing to pay the price the owner (Gailoyd) wants, or at least without some assistance.

So, in other words, it's worth more than someone is willing to pay for it.

[FangKC]

Deal to buy P&L Building Fell Through...

The historic Power & Light Building in downtown Kansas City is back on the market after a $13.75 million purchase agreement announced last July fell through.

Sherman Associates, the Minneapolis firm that had a contract to redevelop the 36-story landmark at 14th Street and Baltimore Avenue into 200 apartments, had its contract terminated about a week ago by Gailoyd Enterprises, the building’s New York owner, attorney Spencer Thomson said today.

Read more here: http://www.kansascity.com/2012/11/19/39 ... rylink=cpy

Seeing that Commerce Tower just sold on the courthouse steps for $12.6 million, and it's mostly full of tenants, has parking, and doesn't need major renovations, this might indicate that Gailoyd is asking too much for the mostly-empty P&L tower.

http://www.bizjournals.com/kansascity/p ... l?ana=e_ph

[DaveKCMO]

"54% leased"

[FangKC]

Well keep in mind the Commerce Tower building doesn't need major renovations, and the Feds are looking for useable office space downtown as we speak.

[KCPowercat]

Most would say it does need major renovations

[flyingember]

Most would say it does need major renovations

these people are?

[KCPowercat]

Most would say it does need major renovations

these people are?

For example, ask Key Bank who moved out. Or just take a elevator up to a random floor and check it out...The place is emptying quickly.

[flyingember]

Most would say it does need major renovations

these people are?

For example, ask Key Bank who moved out. Or just take a elevator up to a random floor and check it out...The place is emptying quickly.

I guess the difference is do you mean major renovations as in tear out down to tearing out electrical, a new elevator and such or not?

[FangKC]

Gailoyd, owners of the Power & Light Building, ask the City to vacant old TIF plan for the property. Gailoyd says it is making it difficult to sell the property.

The owner of the historic Power & Light Building wants to dump some baggage that’s hampering its sale — a 2002 tax increment financing plan approved for a developer whose proposal fizzled years ago.

Gailoyd Enterprises, the entity representing the New York family that has owned the art deco skyscraper since 1964, has asked the Kansas City Tax Increment Financing Commission to terminate the dormant TIF plan when the body meets next month.

http://www.kansascity.com/2013/01/31/40 ... -says.html

http://www.bizjournals.com/kansascity/b ... 2013-02-01

[KCMax]

TIF commission approves spiking Power & Light Building plan

[KCLover]

I was watching a very old episode of COPS last night and they had a shot of downtown.

Boy, I wish the P&L building was still lit up at night like this...

[The Newbern]

Is there an online source somewhere for photographs of the inside of the lantern atop the P&L building? I've always wanted to see what it looks like. I remember in the 80's there was a locally produced show on KSHB that explored hidden areas of Kansas City and one episode (which I missed!) was on the P&L building.

[longviewmo]

Is there an online source somewhere for photographs of the inside of the lantern atop the P&L building? I've always wanted to see what it looks like. I remember in the 80's there was a locally produced show on KSHB that explored hidden areas of Kansas City and one episode (which I missed!) was on the P&L building.

From page 2 of this thread, it looks like there was an article (I remember it having photos too) in the Star, but it has since been archived.

[smh]

Is there an online source somewhere for photographs of the inside of the lantern atop the P&L building? I've always wanted to see what it looks like. I remember in the 80's there was a locally produced show on KSHB that explored hidden areas of Kansas City and one episode (which I missed!) was on the P&L building.

http://www.kcurbex.org/

[loftguy]

Hey Newbern! Welcome to the forum.

Great choice of names. One of my favorite buildings.