West Plaza Flats
-
- Hotel President
- Posts: 3275
- Joined: Mon Nov 26, 2007 12:25 am
- Location: West Plaza
Re: West Plaza Flats
Yeah, this build out looks really weird. not impressed at all
-
- New York Life
- Posts: 409
- Joined: Wed Apr 12, 2023 1:35 pm
Re: West Plaza Flats
This project seems to be taking along time to build
-
- New York Life
- Posts: 409
- Joined: Wed Apr 12, 2023 1:35 pm
Re: West Plaza Flats
Does anyone have any news on this? It looks finished on the outside but haven't seen much going on the last few months. The weeds and what not look overgrown
- Chris Stritzel
- Broadway Square
- Posts: 2620
- Joined: Sun Feb 19, 2017 9:27 pm
Re: West Plaza Flats
I think Price Management Company ran out of money. They have most of their unbuilt properties for sale for $18,599,000. I wouldn't be surprised to see the properties at 4728-34 Summit and at 45th and Wornall go up for sale next. It also wouldn't surprise me if this project (West Plaza Flats) was quietly being marketed to some multi-family companies in an off-market sale.
I feel strongly that all of these are extremely overvalued for what you get. If all were developed as multi-family though, it would be huge win and potentially deliver well over a thousand new residential units. Competent land owners/developers need to buy these properties and develop them
46th and Walnut: $4 Million
https://www.loopnet.com/Listing/46th-Wa ... /29036678/
43rd and Madison: $4 Million
https://www.loopnet.com/Listing/43rd-Ma ... /29763953/
31st and Main: $3.5 Million
https://www.loopnet.com/Listing/31st-Ma ... /29761906/
Bob Jones Shoes/1908-14 Grand: $3.5 Million
https://www.loopnet.com/Listing/1908-19 ... /29829874/
49th and Grand: $2 Million
https://www.loopnet.com/Listing/49th-Gr ... /29044381/
4445-51 Belleview: $1 Million
https://www.loopnet.com/Listing/4445-44 ... /29727044/
6100 Wilson: $599,000
https://www.loopnet.com/Listing/6100-Wi ... /29753540/
I feel strongly that all of these are extremely overvalued for what you get. If all were developed as multi-family though, it would be huge win and potentially deliver well over a thousand new residential units. Competent land owners/developers need to buy these properties and develop them
46th and Walnut: $4 Million
https://www.loopnet.com/Listing/46th-Wa ... /29036678/
43rd and Madison: $4 Million
https://www.loopnet.com/Listing/43rd-Ma ... /29763953/
31st and Main: $3.5 Million
https://www.loopnet.com/Listing/31st-Ma ... /29761906/
Bob Jones Shoes/1908-14 Grand: $3.5 Million
https://www.loopnet.com/Listing/1908-19 ... /29829874/
49th and Grand: $2 Million
https://www.loopnet.com/Listing/49th-Gr ... /29044381/
4445-51 Belleview: $1 Million
https://www.loopnet.com/Listing/4445-44 ... /29727044/
6100 Wilson: $599,000
https://www.loopnet.com/Listing/6100-Wi ... /29753540/
-
- Strip mall
- Posts: 164
- Joined: Mon Oct 16, 2023 10:28 am
Re: West Plaza Flats
Further evidence there is a significant cash issue:
Mechanics Lien placed on the 44 Belleview property in November 2022 for an amount of 330,000 unpaid to the painters (presumably one of the last contractors doing work on the project). Equity bank in February of 2023 advanced an extra 2.5 million to the property (in addition to the previously advanced 24 million).
Of course, mechanics liens are not uncommon and future advances are very common, but when combined with the above information and the long dormant site...
Mechanics Lien placed on the 44 Belleview property in November 2022 for an amount of 330,000 unpaid to the painters (presumably one of the last contractors doing work on the project). Equity bank in February of 2023 advanced an extra 2.5 million to the property (in addition to the previously advanced 24 million).
Of course, mechanics liens are not uncommon and future advances are very common, but when combined with the above information and the long dormant site...
- FangKC
- City Hall
- Posts: 18645
- Joined: Sat Jul 26, 2003 10:02 pm
- Location: Old Northeast -- Indian Mound
Re: West Plaza Flats
6100 Wilson would be a good location for a custom furniture/cabinetry business.
-
- Ambassador
- Posts: 167
- Joined: Wed Aug 06, 2014 9:16 pm
Re: West Plaza Flats
There has to be a crazy story behind this project. Sitting stagnant for months on end. I've heard quite a few squatters have broken in and are living there. The floor plans are so crazy I have no idea how anyone salvages this thing. It has to be worth far less than the bank note on it.
- TheLastGentleman
- Hotel President
- Posts: 3004
- Joined: Tue Jun 13, 2017 9:27 pm
Re: West Plaza Flats
I forgot this even existed. 4 years under construction.
- Chris Stritzel
- Broadway Square
- Posts: 2620
- Joined: Sun Feb 19, 2017 9:27 pm
Re: West Plaza Flats
The Doug Price special. Why else is he selling all of his properties?CrossroadsUrbanApts wrote: ↑Wed Mar 06, 2024 5:11 pm There has to be a crazy story behind this project. Sitting stagnant for months on end. I've heard quite a few squatters have broken in and are living there. The floor plans are so crazy I have no idea how anyone salvages this thing. It has to be worth far less than the bank note on it.
-
- Ambassador
- Posts: 167
- Joined: Wed Aug 06, 2014 9:16 pm
Re: West Plaza Flats
Of course, everything he put on the market is listed at twice what they are worth. This is going to be a long-drawn out process, I fear.
- FangKC
- City Hall
- Posts: 18645
- Joined: Sat Jul 26, 2003 10:02 pm
- Location: Old Northeast -- Indian Mound
Re: West Plaza Flats
If I were to guess, I imagine the issue with West Plaza and other Price projects is financing and perhaps cash-flow problems.
-
- New York Life
- Posts: 409
- Joined: Wed Apr 12, 2023 1:35 pm
Re: West Plaza Flats
So now they have a van with that says "Security" on the side of it. Parked in the same spot for weeks, nobody ever in it, and just the other evening someone tried to steal a Kia about 50 ft. away.CrossroadsUrbanApts wrote: ↑Wed Mar 06, 2024 5:11 pm There has to be a crazy story behind this project. Sitting stagnant for months on end. I've heard quite a few squatters have broken in and are living there. The floor plans are so crazy I have no idea how anyone salvages this thing. It has to be worth far less than the bank note on it.
- Chris Stritzel
- Broadway Square
- Posts: 2620
- Joined: Sun Feb 19, 2017 9:27 pm
Re: West Plaza Flats
Got an email the other day. The property is now being marketed for sale. Sale price not disclosed. A student housing developer, or a company that specializes in co-living, are the best options to purchase this because it was designed for co-living.
-
- New York Life
- Posts: 409
- Joined: Wed Apr 12, 2023 1:35 pm
Re: West Plaza Flats
Just saw the story in KC Business.
Any idea how long it usually takes to find a buyer?
Any idea how long it usually takes to find a buyer?
-
- Western Auto Lofts
- Posts: 543
- Joined: Tue Jun 16, 2015 4:31 pm
- Location: DC
- Contact:
Re: West Plaza Flats
Every project different, could be days or years. Buyers will have to do some due diligence and put together financing.
- Cratedigger
- Penntower
- Posts: 2094
- Joined: Thu Dec 02, 2021 3:32 pm
Re: West Plaza Flats
I didn’t have numbers on the distress before but what a mess.CrossroadsUrbanApts wrote: ↑Wed Mar 06, 2024 5:11 pm There has to be a crazy story behind this project. Sitting stagnant for months on end. I've heard quite a few squatters have broken in and are living there. The floor plans are so crazy I have no idea how anyone salvages this thing. It has to be worth far less than the bank note on it.
https://x.com/kcmolzer/status/178748965 ... ncU5iHr37Q
The project was completed with an all in cost of over $40,000,000 and has been sitting vacant. Current ownership doesn’t have the capacity, desire, or resources to lease up the property.
A plethora of things went wrong with this project. Here’s an example: When the developer was originally planning the units, they intended on having 2 fridges in kitchen for every unit. They measured wrong, and now every single unit has an awkward gap in the kitchen. See photos below.
The loan (~$29,000,000) matures soon and the current ownership is looking to sell the property vacant, ASAP.
-
- New York Life
- Posts: 409
- Joined: Wed Apr 12, 2023 1:35 pm
Re: West Plaza Flats
I've noticed the lights are on in the building at night sometimes now. Don't know if that means anything but it was pitch black for months