2012 Downtown Housing Report

[earthling]

Is now out...

http://www.downtownkc.org/wp-content/up ... Report.pdf

[earthling]

The report says Pickwick is awaiting financing. Lucas Place too. Do these have a good chance of happening? Would mean >400 units, which would be a good bump for the Loop in addition to the 2 P&L projects.

Also interesting to see that condo units are over 85% occupied, that's not too bad considering the market. CBD leased units show 98% occupied.

[kboish]

Its interesting that they don't list anything in the East Village under "planned/waiting financing". I thought that was the status of that area?

[earthling]

Good point. Looks like they're being much more conservative with the list and only listing projects that have some tangible momentum.

[Pork Chop]

Its interesting that they don't list anything in the East Village under "planned/waiting financing". I thought that was the status of that area?

I am glad, since I would like a wholesale redesign of the project. The first apartment complex leaves something to be desired in the amount of units. At first it was supposed to be 100 units and then 75 and now it's 50. 3/4's of the block is dedicated to parking (surface lot for the residences and half of the block is a garage for the FAA employee's).

[KCPowercat]

I thought the Pabst building was residential?

[earthling]

So does anyone know if Pickwick or Lucas Place have any real momentum?

[chaglang]

The Argyle has some momentum as a residential/retail project.

[kboish]

Awesome. From the report: New construction on 3rd and Wyandotte directly west of Populous headquarters. 125 units.

Rental construction is accelerated quickly in KC!

[kboish]

Also states there are 225 units planned for 2nd and Delaware.

[smh]

Awesome. From the report: New construction on 3rd and Wyandotte directly west of Populous headquarters. 125 units.

Rental construction is accelerated quickly in KC!

Also, planned construction at 2nd & Delaware. Nice.

[kboish]

Here is a screenshot of the update planned portion. Lists the P&L building as well

[earthling]

Awesome. From the report: New construction on 3rd and Wyandotte directly west of Populous headquarters. 125 units.

Rental construction is accelerated quickly in KC!

Where did this one come from. Was it ever mentioned or in Collison's column?

[kboish]

I have not heard of it until seeing this report.

This report came from your link. It looks like it was just updated. Also lists the Folgers plant as planned rental.

[earthling]

So Lucas Place and River Market W are 2 new very recent fully financed projects for another 265 units set for construction within a year. The old Folgers factory is now 'planned' as is Argyle and another River Market project - another near 500 units that just came out of nowhere. Collison is not keeping up.

[loftguy]

So Lucas Place and River Market W are 2 new very recent fully financed projects for another 265 units set for construction within a year. The old Folgers factory is now 'planned' as is Argyle and another River Market project - another near 500 units that just came out of nowhere. Collison is not keeping up.

Where did you pick up "fully financed"?

I am aware that River Market West is somewhere in planning/proposal, but not up to date on it being a "going jenny".

[earthling]

I assumed it since it's in the 'starting construction within 6-9 months' section rather than the 'planning' section. So apparently that's not what it means - maybe if there are any incentives requested?

[kboish]

Yeah, all of the other projects listed under that section are "going to happen". Seems like that one would as well.

I really hope someone takes on Pickwick soon. That would be a huge boost to that area. Start driving some of the residential into gov district/east village.

[loftguy]

I assumed it since it's in the 'starting construction within 6-9 months' section rather than the 'planning' section. So apparently that's not what it means - maybe if there are any incentives requested?

A short class in real estate development:

"Real Estate Developers are liars".

You must learn this simple truth, from the outset. Now, it's not that they intend to deceive, it is rather the required makeup of a development personality, that they be infused with blinding optimism and abject boosterism, in order to make anything worthwhile occur.

So, when a developer says "we'll be under construction in 6 to 9 months", what they are really saying is, I've got a proposal in front of serious deep-pocket equity partners and I think they are starting to get interested, and I've got a broker for the construction loan who is going to return my call sometime this week, and the city has said that they still love me and of course they are going to give me twenty-five year full tax abatement and there might even be some way to wrap some idle TIF funds into the parking garage construction and that guy from JJ's told me that I could get a grant from Mayor James to pay for the social room/coffee shop/go-go bar (He met the mayor once) and the Downtown Council didn't say no to me when I asked if we could use the CID ambassadors as slave labor to lay brick on this fourteen story beauty. So, yeah, 6 to 9 months.

Oh, and we're pre-leasing now!

[earthling]

Fair enough. Is interesting that Lucas Place was 'planned, awaiting financing' in the last report (I still have a copy) and now it's listed as if it will be starting construction. So they are claiming to be no longer waiting for financing.

Do you have any inside info that suggests any of those listed for construction are not really likely?