OFFICIAL - Waddell & Reed - 14th & Baltimore

Issues concerning Downtown as described by the Downtown Council. River to 31st Street, I-35 to Bruce R. Watkins.
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normalthings
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Re: OFFICIAL - Waddell & Reed - 14th & Baltimore

Post by normalthings »

Looks like forms for the final garage floor are in place.

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Re: OFFICIAL - Waddell & Reed - 14th & Baltimore

Post by moderne »

Does that mean it is half way to the top? At that rate it will not be much taller than the Muni Aud or President.

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Re: OFFICIAL - Waddell & Reed - 14th & Baltimore

Post by Highlander »

Is there any further clarity on whether or not the acquiring company keeps employees in KC?

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Re: OFFICIAL - Waddell & Reed - 14th & Baltimore

Post by normalthings »

moderne wrote:
Wed Jan 13, 2021 4:05 pm
Does that mean it is half way to the top? At that rate it will not be much taller than the Muni Aud or President.
Garage floors are around 9 feet tall. Modern office are usually around 15. I would expect the building to more than double in height.

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Re: OFFICIAL - Waddell & Reed - 14th & Baltimore

Post by normalthings »

Highlander wrote:
Wed Jan 13, 2021 4:12 pm
Is there any further clarity on whether or not the acquiring company keeps employees in KC?
No. Hopefully will learn more sometime this year.

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Re: OFFICIAL - Waddell & Reed - 14th & Baltimore

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normalthings wrote:
Wed Jan 13, 2021 3:38 pm
Looks like forms for the final garage floor are in place.
99% sure they are pouring the first entirely flat floor.

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Re: OFFICIAL - Waddell & Reed - 14th & Baltimore

Post by normalthings »

Creative Planning blew past W&R in 2020 when it comes to AUM. Creative ended 2020 around 70 billion AUM vs WR's 65 billion. However, Creative announced another $6billion+ acquisition today.
Creative Planning started 2020 with about $48 billion in assets and ended the year with $69 billion, up 43.8% on the year. That includes more than $16 billion in market action gains and organic client growth.
https://www.bizjournals.com/kansascity/ ... icago.html

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Re: OFFICIAL - Waddell & Reed - 14th & Baltimore

Post by Link2 »

W&R plans to eliminate 200+ positions beginning next month: https://www.kansascity.com/news/local/a ... 29638.html

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Re: OFFICIAL - Waddell & Reed - 14th & Baltimore

Post by kboish »

W&R officially not moving downtown.

https://www.kansascity.com/news/local/a ... 33723.html

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Re: OFFICIAL - Waddell & Reed - 14th & Baltimore

Post by normalthings »

kboish wrote:
Tue Mar 02, 2021 2:04 pm
W&R officially not moving downtown.

https://www.kansascity.com/news/local/a ... 33723.html
No new jobs, no incentives.

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Re: OFFICIAL - Waddell & Reed - 14th & Baltimore

Post by shinatoo »

SO a shitty building that has too much parking, no street interaction, that tore down an existing building that we just all held our noses on because of the potential for high paying earnings tax revenue is going to be empty.

Is that the development equivliant of getting a "top shelf"?
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Re: OFFICIAL - Waddell & Reed - 14th & Baltimore

Post by alejandro46 »

Worst possible outcome.

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Re: OFFICIAL - Waddell & Reed - 14th & Baltimore

Post by GRID »

alejandro46 wrote:
Tue Mar 02, 2021 2:15 pm
Worst possible outcome.
No, the worst possible outcome is that building not being finished. Making sure that building is finished as a class A building and ready for a tenant has to be the top priority. It will eventually get leased, and possibly by a company new to the city.

Stopping construction on it and allowing it to become a massive eyesore before probably being converted to a bare bones parking structure is the worse case scenario.

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Re: OFFICIAL - Waddell & Reed - 14th & Baltimore

Post by flyingember »

Incredibly, it's not the worst possible outcome.

Looking at it again, if I'm reading the agreement in the ordinance right the city owns the building and structured the deal so they're not liable for the bonds. It looks like the bonds were to be paid contingent on receiving money from W&R, their tenant

W&R's new owners can't just sell the building or let it sit, they were leasing the space.

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Re: OFFICIAL - Waddell & Reed - 14th & Baltimore

Post by normalthings »

flyingember wrote:
Tue Mar 02, 2021 2:38 pm

W&R's new owners can't just sell the building or let it sit, they were leasing the space.
W&R's new owners would have to cover the full cost without incentives if they don't move in right? The good or at least not as bad news for KC is that some of our newer finance companies had already passed WR in size and continue to grow rapidly so most/all layoffs should be able to find new positions quickly.

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Re: OFFICIAL - Waddell & Reed - 14th & Baltimore

Post by flyingember »

It's not clear. They may be able to walk away and just owe outstanding costs to the developer.

They clearly don't gain any equity.

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Re: OFFICIAL - Waddell & Reed - 14th & Baltimore

Post by DColeKC »

It feels like the new owners could walk away without much harm done to them. Scariest aspect is the loan situation. The bank approved the loan based on the already signed lease. They're probably very nervous about their money right now.

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Re: OFFICIAL - Waddell & Reed - 14th & Baltimore

Post by moderne »

They are just finishing up the last parking level and attaching the hangers for the curtain wall on the north side.

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Re: OFFICIAL - Waddell & Reed - 14th & Baltimore

Post by DColeKC »

I swear we have some of the worst luck getting big companies to move downtown. We were so close with this one and would have been the perfect downtown potential residents.

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Re: OFFICIAL - Waddell & Reed - 14th & Baltimore

Post by alejandro46 »

GRID wrote:
Tue Mar 02, 2021 2:28 pm
alejandro46 wrote:
Tue Mar 02, 2021 2:15 pm
Worst possible outcome.
No, the worst possible outcome is that building not being finished. Making sure that building is finished as a class A building and ready for a tenant has to be the top priority. It will eventually get leased, and possibly by a company new to the city.

Stopping construction on it and allowing it to become a massive eyesore before probably being converted to a bare bones parking structure is the worse case scenario.
Fair enough, hopefully it will be finished and it seems good that the government isn't on the hook. I was more getting at KC is losing a large corporate HQ and 200 jobs that had just agreed to move in from the burbs.

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