Price Mgmt Project at 31st and Main

[FangKC]

viewtopic.php?p=649029#p649029

Port KC and Sunflower Development should team up and make an offer for the land and buildings and just buy Price out. Sunflower has experience rescuing old buildings and incorporating them into new development. They would probably complete a project well before Price would anyway.

[FangKC]

Kevin Collison is reporting:

UPDATE: Historic KC reports City Council unanimously approved designating the Jeserich and adjoining buildings as historic landmarks, protecting buildings from demolition for 3 years.

https://twitter.com/cityscenekc/status/ ... 4zUS2wl1Mw

[kcjak]

Kevin Collison is reporting:

UPDATE: Historic KC reports City Council unanimously approved designating the Jeserich and adjoining buildings as historic landmarks, protecting buildings from demolition for 3 years.

https://twitter.com/cityscenekc/status/ ... 4zUS2wl1Mw

So now the buildings and surrounding lot will deteriorate for three years and once the demo hold is up he can just tear them down anyways?

[smh]

correct

[HalcyonKC]

3 years seems like plenty of time to adjust the law prohibiting demolition, if possible. Perhaps adding a clause allowing cases to be reviewed as that period ends and the demolition lockout extended. And maybe something allowing the city to order and make emergency stabilization repairs in egregious cases, charged back as a lien or special assessment to the parcel's property tax account.

[FangKC]

There is a possibility that various parties might cooperate and find a solution separate from Doug Price. They will offer to buy Price out and there will be some partnership to renovate the buildings and develop the parcels around them. This was done with the Cosby Hotel.

[earthling]

Yeah if another developer is interested in saving the building there's time to buy out Price. The message to Price needs to be... if you don't want to play by the local standards and expectations, get out. That includes play by TOD expectations along streetcar line or get out.

[Chris Stritzel]

viewtopic.php?p=649029#p649029

Port KC and Sunflower Development should team up and make an offer for the land and buildings and just buy Price out. Sunflower has experience rescuing old buildings and incorporating them into new development. They would probably complete a project well before Price would anyway.

Why Sunflower? Why not let me take a swing at it? I have a fun idea for this parcel that makes sense and would be beautiful (and the numbers work!). Things might look bleak here, but my team has dealt with far worse situations than this.

[FangKC]

I'm not excluding you Chris. lol. Sunflower has experience renovating old buildings, and they especially have experience saving buildings that people say aren't salvageable.

https://sunflowerkc.com/our-projects/

They did a particularly good job saving the Cosby Hotel.

https://sunflowerkc.com/our-projects/cosby-hotel/

Read the thread on 900 Baltimore Ave (Cosby Hotel) to learn more.

viewtopic.php?t=10086

[Chris Stritzel]

^I appreciate Sunflower's work on that building. Milwaukee Deli is one of my favorite places to go to and that intersection is great for seeing what old KC was like.

I'm open to partnering on 31st and Main. I'll be more than happy to talk to them, or anyone else, about it. My fun idea includes three components split into two phases. Phase 1 would be the renovation of the old buildings, teardown of the atrium, and construction of a filler building in that gap that links the two old ones perfectly. Phase 2 would be the remainder of the site.

It just depends on if Price is willing to sell or not, but I have faith he will. I think he knows, deep down inside of course, that if these buildings come down under his watch, his goose is cooked more than it already is.

[moderne]

I don't know about linking the two buildings perfectly. Their floors do not align, they have different heights. Thats why that newer building was put in between.

[Chris Stritzel]

I don't know about linking the two buildings perfectly. Their floors do not align, they have different heights. Thats why that newer building was put in between.

When I toured the properties, the atrium felt like a waste because you still had to walk down stairs into the old buildings. The floors might not line up perfectly, but it's not like they're off by several feet. They're probably off by a few inches. A filler building could have a slightly sloped floor in a hallway to link them up.

[moderne]

Have you been in contact with Union Hill hoa? Could be good allies.

[Chris Stritzel]

I might send them a note but it seems pointless right now unless things actually get rolling.

[Hammersmith]

Why Sunflower? Why not let me take a swing at it? I have a fun idea for this parcel that makes sense and would be beautiful (and the numbers work!). Things might look bleak here, but my team has dealt with far worse situations than this.

Man, that sounds incredible. During the meeting with the planning commission, Doug Price said that he paid $900k for the entire row of buildings, and that at the time he didn't know they were on Main St, didn't know they'd have the streetcar running past them. Just took a punt at a cheap parcel. One of the council members commented that he believed Price had spent another million (?!?) in his costs for holding the buildings. I guess those wire fences are more expensive than I would have thought. I wonder what sort of money Price would want to let the investment go.

[Cratedigger]

Why Sunflower? Why not let me take a swing at it? I have a fun idea for this parcel that makes sense and would be beautiful (and the numbers work!). Things might look bleak here, but my team has dealt with far worse situations than this.

Man, that sounds incredible. During the meeting with the planning commission, Doug Price said that he paid $900k for the entire row of buildings, and that at the time he didn't know they were on Main St, didn't know they'd have the streetcar running past them. Just took a punt at a cheap parcel. One of the council members commented that he believed Price had spent another million (?!?) in his costs for holding the buildings. I guess those wire fences are more expensive than I would have thought. I wonder what sort of money Price would want to let the investment go.

Interesting. Went back and found the article in KCBJ that quotes a different price

https://www.bizjournals.com/kansascity/ ... gmtco.html

Doug Price, who leads PriceMgmtCo., said he wished he knew about the 31st and Main buildings' "historic precedent" when he acquired them "sight unseen" for $25,000 in an online bankruptcy sale about five years ago.

Price said the "quaintness" of the buildings has been exaggerated, citing deterioration, rotting wood and mold in the structures, plus mismatched floor heights that leave them "no footprint relevance" for new office or retail use.

Over time, he said, break-ins left PriceMgmtCo. unable to insure or obtain financing. So he sought to demolish the buildings to make way for an eventual transit-oriented development.

"It's not some sinister plan. ... I want to apologize to the public and the historic commission if I've offended or stepped on people's toes," Price said Friday. "We simply started demolishing the buildings because of public safety."

[Cratedigger]

Maybe that article is just referring to the 3 corner buildings vs the whole row?

[FangKC]

That is what I am thinking too Cratedigger. He might be giving what it cost to assemble all the parcels he now owns on that block. I think he bought other parcels over time.

[FangKC]

... and that at the time he didn't know they were on Main St, didn't know they'd have the streetcar running past them. Just took a punt at a cheap parcel. One of the council members commented that he believed Price had spent another million (?!?) in his costs for holding the buildings. I guess those wire fences are more expensive than I would have thought. I wonder what sort of money Price would want to let the investment go.

I have a hard time believing this line of bull#&^%. How can one live locally and bid on a bankruptcy sale without knowing the location of the parcels? How can one not go take a look at the actual property? And, is Price living under a rock? News about the streetcar line has been widely-distributed and discussed in local media. The extension plan has as well.

I'm not buying a word of it.

I have rural relatives living in NW Missouri who know about the line, and the extension and they haven't ridden on it or ever physically seen it. They still know the route goes mostly down Main and will end near UMKC.

And we are supposed to feel sorry for Price for holding costs when he's obviously a real estate speculator? This is just the cost of doing business. There are carrying costs whether you renovate the buildings or demolish and build new.

[Hammersmith]

I'm not buying a word of it.

I mean, yeah, absolutely not.

Some people might ask what it says about the guy that he and his lawyer would lie directly to the faces of the planning committee.