Downtown New Residential Units

Issues concerning Downtown as described by the Downtown Council. River to 31st Street, I-35 to Bruce R. Watkins.
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smh
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Re: Downtown New Residential Units

Post by smh »

kboish wrote:
kboish wrote:
smh wrote:
MIXED FEELINGSSS
Tell us more. Why? I like the looks of their first project.
Scratch that. I was thinking cityscape=Cityclub apartments at 19th and main.

Now I see that cityscape did the "Crossroads Westide" apartments, Apex and Summit at quality hill. Yeah, I'm skeptical of their urban abilities. They did one building in the Apex development that looks great (where Spokes Cafe is located). The others all look like apartments from 120th and Holmes. Summit in quality hill is just meh...
The craziest thing is the Spokes building was a late addition to the project and yet it is the best part.

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NorthOak
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Re: Downtown New Residential Units

Post by NorthOak »

Adding Ashland at River Market 93 Units
https://cityscenekc.com/developer-consi ... r-station/

Updating to 5853+93 =
5946 New Units built/planned Downtown
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alejandro46
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Re: Downtown New Residential Units

Post by alejandro46 »

Breaking news, "living downtown is expensive, there is little money in new subsidized housing construction at prime urban locations." Maybe people just need to move a couple blocks east, plenty of affordable housing.

http://www.kansascity.com/news/local/ar ... 21684.html

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FangKC
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Re: Downtown New Residential Units

Post by FangKC »

This is the first time I have heard of this proposed development.
The elimination of the state tax credits has already derailed the construction of at least one low-income housing building downtown.

Last summer, Prairie Fire Development Group drew up plans to tear down the former Kansas City Public Schools headquarters at 1211 McGee St. and construct a 400-unit mixed-income apartment building. The plans included lofts reserved for teachers and possibly a second grocery store for downtown.

Prairie Fire partnered with a New Jersey company, The Michaels Organization, and submitted a proposal to the school district.
http://www.kansascity.com/news/local/ar ... 21684.html

mgh7676
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Re: Downtown New Residential Units

Post by mgh7676 »

Is Prairiefire the group that completely screwed up the redevelopment of Columbus Park?

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normalthings
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Re: Downtown New Residential Units

Post by normalthings »

mgh7676 wrote:
Sun Dec 02, 2018 9:13 pm
Is Prairiefire the group that completely screwed up the redevelopment of Columbus Park?
I thought Prariefire was the group that completely screwed up the development of Prariefire.

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taxi
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Re: Downtown New Residential Units

Post by taxi »

mgh7676 wrote:
Sun Dec 02, 2018 9:13 pm
Is Prairiefire the group that completely screwed up the redevelopment of Columbus Park?
Yes, but they had help from a group that included Zimmer and Larry Maxfield.
edit: and nothing to do with the development out south that is called Prairiefire.

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Re: Downtown New Residential Units

Post by FangKC »

Report: Downtown nears 16,000 apartments — with more on the way
...
According to the survey, Downtown had roughly 15,700 housing units in 2017, and the report projected hitting 17,000 in 2018. By 2020, it estimates that Downtown will have just less than 20,000 housing units. For comparison, Downtown had 10,322 units in 2000.
...
The average rent in Downtown is $850, according to the report. About 1,800 people pay between $500 and $749, about 2,500 pay between $750 and $999, and another 2,500 pay between $1000 and $1,499.

Although Downtown presents plenty of options for renters, the buyer's market is smaller. There are about 1,600 single-family detached units and 744 condo-occupied condo units in buildings with 50 or more units, in addition to a smaller number of units in smaller complexes.
https://www.bizjournals.com/kansascity/ ... j=86384561

https://dashboards.mysidewalk.com/state ... mo/housing

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Re: Downtown New Residential Units

Post by kcjak »

So downtown nears 16K apartments...two years ago. And saying 2,500 people pay between $1000 and $1499 - shouldn't that be 2,500 apartments rent between that amount since more than one person can live in some apartments? I know it's nitpicking, but I have to write stuff like this as part of my job and a poorly-worded report calls a lot into question.

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Re: Downtown New Residential Units

Post by earthling »

A new downtown report claims downtown population is over 29K and anticipated to hit about 33K by end of this year and near 40K by 2025. Attention Target!

https://www.downtownkc.org/wp-content/u ... Report.pdf
Image

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normalthings
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Re: Downtown New Residential Units

Post by normalthings »

CoStar report on the downtown residential market. The report was pulled earlier in the year.

Year - Inventory Units
2024 - 16,476
2023 - 15,434
2022 - 14,390
2021 - 13,402
2020 - 11,590
2019 - 10,700

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normalthings
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Re: Downtown New Residential Units

Post by normalthings »

Image


New 20 floor condo tower in Lincoln Nebraska is fetching $400-550 per sqft. I can't help but think that KC would be just as capable of supporting a project like this. If they made it work, what are we (pre-corona) missing?


Height: 250 feet
Units: 37 condos, almost all have been sold; ground floor retail, 1 floor of office
Cost: $30 million

The floors have just 3 units each and the building was built up against an existing parking garage. The site formerly held a 1-floor residential building (this is very similar to the low rise structure on the north end of the Consetinos garage.

Image

Image

Image

https://journalstar.com/business/local/ ... c5d31.html


https://liedplace.com/floor-plans/

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Re: Downtown New Residential Units

Post by flyingember »

normalthings wrote:
Mon Oct 26, 2020 11:08 pm
New 20 floor condo tower in Lincoln Nebraska is fetching $400-550 per sqft. I can't help but think that KC would be just as capable of supporting a project like this. If they made it work, what are we (pre-corona) missing?

We have these projects in droves, they're just being built as apartments.

60 units is only twice the size of Union Carbide Condos original plan (28 units on 7 floors) and they had problems selling units. Ended up renting most of them.

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Re: Downtown New Residential Units

Post by KCPowercat »

so we don't have these projects. It's frustrating for those of us wanting to buy downtown. Inventory sucks.

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Re: Downtown New Residential Units

Post by flyingember »

KCPowercat wrote:
Tue Oct 27, 2020 8:25 am
so we don't have these projects. It's frustrating for those of us wanting to buy downtown. Inventory sucks.
The building I gave the example of has 13 units that if you asked about I bet they would not renew the lease and sell to you.
There must not be as much demand as you say.

They've only sold 8 units since the building was completed and that was in ~2010 (floor 4 sold before completion and was setup as double units)

https://www.unioncarbidecondos.com/pricing

The lack of demand for existing condos is likely a big part of why new buildings aren't setup as condos.
Last edited by flyingember on Tue Oct 27, 2020 9:09 am, edited 1 time in total.

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Re: Downtown New Residential Units

Post by KCPowercat »

13 units. wow.

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Re: Downtown New Residential Units

Post by flyingember »

KCPowercat wrote:
Tue Oct 27, 2020 9:08 am
13 units. wow.
That's almost 25% of that new building in Omaha

Isn't 25% close to the amount needed to fill before a bank will approve a loan for a condo building?


If a builder is seeing a lack of a demand for buying 1000 square feet 2BR units they're going to think twice about building condos since that describes a huge percentage of units being built.

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Re: Downtown New Residential Units

Post by shinatoo »

normalthings wrote:
Mon Oct 26, 2020 11:08 pm
Image


New 20 floor condo tower in Lincoln Nebraska is fetching $400-550 per sqft. I can't help but think that KC would be just as capable of supporting a project like this. If they made it work, what are we (pre-corona) missing?


Height: 250 feet
Units: 37 condos, almost all have been sold; ground floor retail, 1 floor of office
Cost: $30 million

The floors have just 3 units each and the building was built up against an existing parking garage. The site formerly held a 1-floor residential building (this is very similar to the low rise structure on the north end of the Consetinos garage.

Image

Image

Image

https://journalstar.com/business/local/ ... c5d31.html


https://liedplace.com/floor-plans/
I really like that layout. I wonder if that increases or decreases the cost per foot?
Quocunque Jeceris Stabit

earthling
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Re: Downtown New Residential Units

Post by earthling »

Downtown's lack of condos is helping Plaza condo market, which has a much higher % of total units. Is pretty rare for new condo construction across most of US lately as lenders typically want at least 50% sold before building. I wonder if Buffett was involved with making the Lincoln building happen. Is easier for developers to build leased units, get over 90% occupancy then convert to condo over time, which has been the trend since 2008 housing crash. Is probably a good time for One Light to start condo conversion if Cordish was ever intending to eventually do that.

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DColeKC
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Re: Downtown New Residential Units

Post by DColeKC »

normalthings wrote:
Mon Oct 26, 2020 11:08 pm
Image


New 20 floor condo tower in Lincoln Nebraska is fetching $400-550 per sqft. I can't help but think that KC would be just as capable of supporting a project like this. If they made it work, what are we (pre-corona) missing?


Height: 250 feet
Units: 37 condos, almost all have been sold; ground floor retail, 1 floor of office
Cost: $30 million

The floors have just 3 units each and the building was built up against an existing parking garage. The site formerly held a 1-floor residential building (this is very similar to the low rise structure on the north end of the Consetinos garage.

Image

Image

Image

https://journalstar.com/business/local/ ... c5d31.html


https://liedplace.com/floor-plans/
These look really tight but nice. I'm nitpicking but I'm not a fan of the elevator situation. You exit the elevator and than have to walk through a door into the hallway? Not exactly a great first impression but likely done for fire safety reasons.

The 1 bedrooms appear to be smaller than the 1 bedrooms in Two Light?

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