OFFICIAL - Power & Light Apartments

[PumpkinStalker]

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.

It's in rough shape and there is little to nothing of any historical coolness. There is some bad corporate america finishes from when AMC last occupied floors. Paint is bubbling and chipping off the walls around the old radiators (which are the utilitarian type, not ornate). I would say there is really nothing to save above the main ornate 2 story lobby.

[earthling]

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

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

I have full access and don't see any hot info other than they have done other conversion in KC. It does mention that it's already a TIF district so there may be some subsidies requested.

The NY Times profiled the building a couple weeks ago. I figure it would draw attention very quickly but didn't expect a sale this fast. I wonder if Sherman has been considering it for a while and made a quick move after the NY Times article spurred more interest.

[kcmetro]

http://www.kansascity.com/2012/07/20/37 ... tract.html

[pash]

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[pash]

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[chaglang]

Did they knock down the small garage NW of the P&L building, or was that included in your count?

[pash]

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[DaveKCMO]

collison says the 225-space garage is based on 1.25 spaces per unit. there is no city requirement for parking. if this is strictly rental, they could probably get by with less than that. if they have any intention on going condo, they'll need the parking (at least based on the current residential lending situation).

[chaglang]

You mean the building just south of the Crowne Plaza? That's not a garage, is it?

I was going by Google Maps and Parkopedia. Might be slightly wrong or out of date.

That's a garage. 3 levels, plus the roof. Entry from the east side of the structure.

[pash]

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[longviewmo]

There's also a boarded up garage on the southeast corner of 14th and Wyandotte. I was trying to figure out why there was a two spot parking lot and realized they had cinderblocked the entrance.

[DaveKCMO]

the question is will tenants want to park more than a stone's throw away from their homes...

[pash]

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[Demosthenes]

the question is will tenants want to park more than a stone's throw away from their homes...

I think yes. Obviously some people wouldn't, but they probably aren't the ones wanting to move into the heart of downtown. I rent in the crossroads and even though my building has a small parking lot, I have to park a block away often because it fills up. and the crossroads is considerably less dense than the cbd. As long as it remains rental, I don't think a new garage is necessary. These developers should definitely work with another nearby garage and get them spaces.

Are these developers also purchasing the lots to the west and north? The lot to the north is enormous. Between these two there is a lot of potential for this block. They could easily build a couple new buildings plus a garage that would serve each of them, including the p&l residents.

[macnw]

How has Sherman handled parking in its other properties in KCMO? Seems like that would be a good indicator. Parking at 1006 Grand?

[KC-wildcat]

the question is will tenants want to park more than a stone's throw away from their homes...

The answer is no. Anecdotally, when I was at WallStreet, two parking issues arose. First, people fought for the surface spots at M&I bank next door during non-business hours. These were most convenient as you didn't have to drive up to your floor of the garage, go down to the 4th floor catwalk, then get on another elevator and get up to your unit. If you had luggage, groceries, small items, etc., you didn't want to make that trip too many times. Second, people would just park cars on the 4th floor catwalk floor instead of their assigned parking spot. Again, because it's more convenient.

Long story short, people, whether they're living in suburbia or urbania value convenience. In fact, I'd argue that a big selling point on downtown is that it's more convenient.

I'm not saying that everybody would need a convenient parking spot, but I believe most would want it. Most will have cars. Many won't work in the CBD.

[Demosthenes]

How has Sherman handled parking in its other properties in KCMO? Seems like that would be a good indicator. Parking at 1006 Grand?

That is a very good question. I also wonder how full the Crowne Plaza garage stays.

[DaveKCMO]

according to their website, there is no dedicated parking at 1006 grand... http://www.sherman-associates.com/1006- ... act-sheet/

[Demosthenes]

the question is will tenants want to park more than a stone's throw away from their homes...

The answer is no.

Hmmm... I like how you present this as fact, because surely it is.

Now I don't think people will park 3 blocks away or anything like that, but I would bet many would be cool with walking just down the block to park. You may not, but then again you also may feel safer in Lees Summit. (I don't mean that as a slight. Many people prefer Lees Summit.)

[Demosthenes]

Ha. Sorry Wildcat you added more to your post while I was typing.