OFFICIAL - Power & Light Apartments

[geeman68]

I'm told that P&L is having difficulty leasing apartments. Anyone know if this is the case?

[rxlexi]

I'm told that P&L is having difficulty leasing apartments. Anyone know if this is the case?

I have no idea if this is case. However, anecdotally I was looking seriously at a unit there and was being sold aggressively - after taking my time and continuing to debate I was first offered $500 off first month's rent, and then free first month's rent if I moved in by Dec.

When taking into account trash, parking etc. they are definitely pushing the high end of regional rents. Beautiful building, however.

[flyingember]

There's a lot of competition opening up in 2017/18. There's two projects in the river market, Two Light, part of Pickwick, the two big projects on Quality Hill and P&L still has the new building to lease. There's Arterra, Midland, Executive Plaza, the new 19th/Walnut project, the building next to I-35 at Broadway and the rest of Pickwick yet to start.

I bet they're trying to look competitive with other projects and hope enough people getting a small deal up front will lease rather than decide to wait out and see units in these other projects at lower prices. I'm sure they know what percentage stay in a unit and priced the deal accordingly. We saw with One Light that a larger luxury building can take a couple years to fill.

[ULCajun]

We saw with One Light that a larger luxury building can take a couple years to fill.

The building has been open less than a year and has been filled up since its opening. I'm confused by what you mean by this statement.

[flyingember]

We saw with One Light that a larger luxury building can take a couple years to fill.

The building has been open less than a year and has been filled up since its opening. I'm confused by what you mean by this statement.

Move ins began Nov 23, 2015. Leasing began a year before to be sure they could fill units.

Two years may be an exaggeration in a hot market but it's possible that the market has cooled some and demand is down because the immediate need has been met and all the units coming online are driving up availability relative to demand. If filling units was stupid easy P&L wouldn't be giving free months. Look at how we're still seeing projects but the big ones have slowed down, most of what's being done today was announced in 2014-15

[earthling]

If anything downtown market may be at risk of having too many high end units coming online. And am a little surprised Commerce Tower that has relatively lower rents didn't fill up instantly.

[flyingember]

I forgot Commerce Tower. There's the competiton, two multi-hundred unit towers at the same time.

[rxlexi]

Yep, I have been looking at both P&L and Commerce. Both are still under construction, and Commerce won't even have real units to tour until next month, i.e. the only way to get a feel for the units is via leasing office and floor plan images. Difficult to lease 1BR units at $1,095 - $1,795 without the ability to see them, or any of the associated amenities. When I toured P&L the drywall wasn't even up in the unit that I would have leased.

So I have no doubt construction is affecting lease up at both projects, but there is indeed a ton of competition opening downtown within the next year, each building pushing at the high end of regional rents psf. I hope the market can sustain these rates and continue to see further development...

[earthling]

Yeah, if the high end units don't move fast enough, we may not see a 3 Light or anymore new hirise residential for a while. But is understandable that buildings still under construction don't move many units yet. I thought Commerce Tower had units nearly ready for move-in or at least complete enough to show.

[Midtownkid]

I kinda hope 3 and 4 light are not built...at least not now. Don't want the skyline to look monotonous. (and I really really don't want to see One Light, Two Light, Three Light, Four Light across the skyline. )

If someone comes in and builds tall buildings in those spots in 10 years they will look different and not so blah.

[KCTOGA]

We need a employer to bring 500 to 5000 good paying jobs to Downtown. Maybe 3 companies of 800 each.

[JBmidtown]

We need a employer to bring 500 to 5000 good paying jobs to Downtown. Maybe 3 companies of 800 each.

yup. other wise the downtown housing market is going to become unsustainable.

[mister816]

couldn't agree more, and yet people jump om me when i bitch about cerner.

[hartliss]

Facade is going up on the exterior....nothing to ground breaking about the design.

[KCPowercat]

when are they going to relight the very top of the building...the "cigar cherry" part?

[KCLover]

when are they going to relight the very top of the building...the "cigar cherry" part?

I don't know, but I sure wish they would. The lighting looks ridiculous anyways and must have gone with the cheapest option. Anyone notice that the "white" LED's actually look pink?

[flyingember]

when are they going to relight the very top of the building...the "cigar cherry" part?

I don't know, but I sure wish they would. The lighting looks ridiculous anyways and must have gone with the cheapest option. Anyone notice that the "white" LED's actually look pink?

The tan stone probably get a slight red cast to it when lit with certain color temps

[DaveKCMO]

view of an office space on the ground floor of the new building. residents are occupying some finished units in the new buildings, as well.

[earthling]

Rent rates per sqft?

[DaveKCMO]

Rent rates per sqft?

i don't see any prices on their website: http://www.powerandlightkc.com/