Renovations of apartment buildings along Armour Blvd.
Posted: Mon Mar 29, 2010 10:46 am
this has been discussed a bit in other threads, but i think that MAC Properties' work on and near Armour deserves its own thread.
http://www.antheuscapital.com/mac/a_kc_hp_overview.html
the MAC company, out of chicago, has purchased and renovated (or is renovating) 11+ buildings on Armour between Broadway and Troost, as well as a few buildings on Gillham just north of Armour. in some cases, the buildings were converted from Section 8 to market-rate, and i believe some other buildings were not in use at all.
so far MAC is renting out or actively working on the del monte, the bellerive, park central, yankee hill, clyde manor, gillham house, raleigh arms, six40 (formerly armour towers), the hamilton, the brownhardt, and 3408 Gillham. buildings such as clyde manor and the bellerive are beautiful, historic structures.
at the recent ribbon-cutting ceremony for the clyde manor building at the NW corner of Armour and Gillham, it as announced that the company is buying more buildings - the kenwood, the homestead, westport central, the windemere, and armour park buildings, all along Armour. this is a good sign that the company is interested in reviving this corridor and is in for the long haul and is interested in bringing Armour back. this would bring the company's portfolio up to 16 properties int he area - more really, since some of these properties are actually spread over a few buildings - i.e. the "kenwood" occupies 2-3 buildings and a large house on Armour.
to me, this seems to be the most significant residential project going on in the city right now - hundreds of newly-renovated, market-rate apartments at approachable price points, many in beautiful and historic buildings.
there is something slightly distasteful about a single company swooping in and snatching up 18 buildings along Armour and controlling it all, but ultimately i think this will be a huge win for Armour and midtown generally. i think it takes a company of this size and with these resources to adequately maintain and operate such large buildings - not to mention keep the projects capitalized while buildings come online and become occupied over time.
http://www.antheuscapital.com/mac/a_kc_hp_overview.html
the MAC company, out of chicago, has purchased and renovated (or is renovating) 11+ buildings on Armour between Broadway and Troost, as well as a few buildings on Gillham just north of Armour. in some cases, the buildings were converted from Section 8 to market-rate, and i believe some other buildings were not in use at all.
so far MAC is renting out or actively working on the del monte, the bellerive, park central, yankee hill, clyde manor, gillham house, raleigh arms, six40 (formerly armour towers), the hamilton, the brownhardt, and 3408 Gillham. buildings such as clyde manor and the bellerive are beautiful, historic structures.
at the recent ribbon-cutting ceremony for the clyde manor building at the NW corner of Armour and Gillham, it as announced that the company is buying more buildings - the kenwood, the homestead, westport central, the windemere, and armour park buildings, all along Armour. this is a good sign that the company is interested in reviving this corridor and is in for the long haul and is interested in bringing Armour back. this would bring the company's portfolio up to 16 properties int he area - more really, since some of these properties are actually spread over a few buildings - i.e. the "kenwood" occupies 2-3 buildings and a large house on Armour.
to me, this seems to be the most significant residential project going on in the city right now - hundreds of newly-renovated, market-rate apartments at approachable price points, many in beautiful and historic buildings.
there is something slightly distasteful about a single company swooping in and snatching up 18 buildings along Armour and controlling it all, but ultimately i think this will be a huge win for Armour and midtown generally. i think it takes a company of this size and with these resources to adequately maintain and operate such large buildings - not to mention keep the projects capitalized while buildings come online and become occupied over time.