KCRag Forum

Investors plan mixed-use in historic downtown Kansas City building

New buyers are preparing to reinvigorate a historic 13-story building in the heart of Kansas City's Central Business District.

Investors Troy Kearns of Kansas City and Robert Coomer of Las Vegas on Wednesday paid $5.2 million for Peck's Plaza at 1044 Main St. The seller was BOK Financial Corp., which assumed ownership of the building with its 2016 acquisition of Missouri Bank & Trust Co.
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Kearns estimated that the 1044 Main offices are less than 20% occupied, with a handful of smaller tenants on its middle floors. The building's 10th and 11th floors have never been built out and present an opportunity to be converted with 14 to 20 new multifamily units, he said. Other floors could be converted to residential use, as well, depending on demand for the first units.

Currently, Kearns' plan is to pursue smaller office leases with a mix of tenants, such as law firms, financial planning and other professional services companies, in addition to a potential yoga or massage studio. Kearns also will open an office for his real estate investment mentorship operation. He envisions part of the building being used for short-term coworking space to serve as a business incubator, similar to a WeWork concept.
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Rounding out Kearns' plan is a hope to land a new commercial lease for Peck's Plaza's ground floor, such as a bank branch or coffee shop.

... The purchase included a 61-space, two-level parking garage at 1031 Baltimore Ave.
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https://www.bizjournals.com/kansascity/ ... 2022-11-14

Location:

https://www.google.com/maps/@39.1007972 ... 384!8i8192

This is good to see. Hopefully more apartments come in the future, but 2 floors is a start. I hope they add some uplighting to this building just to make it show up more prominently at night.

Regarding that parking garage, it's a good long-term hold. If they eventually convert most of this building into housing and is successful in doing so, I can see them getting rid of that small garage. It would have to be a compact building, but it's entirely possible.

More residential conversions! So much cheaper than new build and a good match for the city's new affordable housing focus.

For those of you who want to see inside.

https://www.loopnet.com/Listing/1044-Ma ... /27128302/

The details on this building are beautiful. I wish that new builds incorporated more detail/fret work. I know in the end, it's cost prohibitive, but damn if it isn't gorgeous.

I wish they had shown more photos of the upper floors.

Peck’s department store went from Main to Baltimore. It would be nice to see a five story addition at the 11th and Baltimore site, that could turn that intersection into one of the city’s best, and also cover up one the city’s ugliest blank walls.
The west elevation shows where the doorways between the two buildings existed.

I was thinking the same thing about building an addition.

I don't think that office tower is ever going to get built on the parking garage to the north. I wish they would just throw in the towel on that plan and put up a 10-story apartment building over the garage and up against the blank wall of the Peck's building.

It looks like some initial building out is done and this space is open for business again. Really nice video marketing it here.

https://www.facebook.com/share/r/qt7UAu ... tid=D5vuiz

I walk past this building every day and I’m not sure I’ve ever seen any sign of construction. I know it’s all interiors but there should’ve been a dumpster

Godspeed to them though

It just looks like they painted over the Mobank orange. Everything else looks the same inside