Midtown Area Apartment Boom

[mykn]

FINALLY, this has been taking years to get this going.

[kenrbnj]

After reading the CitySceneKC piece about this...

When I lived on Union Hill in the 1990's and early 2000's, *I* was one of those who asked, "Market Rate Apartments on Armour? Are you crazy?"

Happily I was wrong. The city is becoming a cohesive metropolis.

[smh]

Pretty surprised to see this is still being put forward by Sunsource. I assumed the property would have changed hands given their financial issues.

EDIT: But these look much better than the plans that circulated a few years ago that had garages opening onto the sidewalk.

[kcjak]

Anyone hear anything about the proposed apartment building on 39th just east of SW Trfy where the boarded up car wash is located?

[moderne]

The rowhouse project on 34th is a great design for the neighborhood. Really ties in with the historic architecture. Wonder what the price point will be? Once the streetcar extension is underway I expect any vacant lots to disappear, and then more than a few teardowns and replacements(like some of the rundown sixties garden apartments).

[flyingember]

Once the streetcar extension is underway I expect any vacant lots to disappear, and then more than a few teardowns and replacements(like some of the rundown sixties garden apartments).

Within two blocks there really aren't that many vacant lots to disappear and most of those that exist are owned by the neighboring building.

American Century has the biggest cluster

Nearly everything would be teardowns or splitting parcels and building on parking.

[mykn]

The rowhouse project on 34th is a great design for the neighborhood. Really ties in with the historic architecture. Wonder what the price point will be? Once the streetcar extension is underway I expect any vacant lots to disappear, and then more than a few teardowns and replacements(like some of the rundown sixties garden apartments).

You should have witnessed the behind-the-scenes battle with the neighborhood association over this project.

[KCtoBrooklyn]

It will come down to the materials/finishes, but it looks like these could turn out pretty nice.

I especially like the curved parts. Reminds me of some towhnouses you would see in Brooklyn, like this:

[KCtoBrooklyn]

Anyone hear anything about the proposed apartment building on 39th just east of SW Trfy where the boarded up car wash is located?

It seems like things have gone quiet with this, as well as the sister project from this developer on Main St, south of Linwood.

This is just speculation, but I seem to remember this developer mentioning the streetcar extension as an impetus for these developments -perhaps they are waiting for confirmation of the federal funds before breaking ground.

[beautyfromashes]

This is just speculation, but I seem to remember this developer mentioning the streetcar extension as an impetus for these developments -perhaps they are waiting for confirmation of the federal funds before breaking ground.

I hear a lot of other developers planning the same timing. I think it’s a mistake. Increased demand for construction crews and equipment will cause the price to skyrocket. Bite the bullet and start building with the real possibility the federal money comes through.

[earthling]

If free bus happens this May and is a success, it may spur more action. Developers may be encouraged that fewer parking spots would be needed too.

[FangKC]

I also like the rounded sections with windows.

This is just speculation, but I seem to remember this developer mentioning the streetcar extension as an impetus for these developments -perhaps they are waiting for confirmation of the federal funds before breaking ground.

I hear a lot of other developers planning the same timing. I think it’s a mistake. Increased demand for construction crews and equipment will cause the price to skyrocket. Bite the bullet and start building with the real possibility the federal money comes through.

I don't think one can really go wrong building new apartments in Midtown regardless of streetcar status.

[normalthings]

Alchemy Ventures (branch of Alchemy Properties) has been going on a spending spree in KC.
The firm has begun acquiring properties along main street near Westport, near Armour Blvd, on Linwood, around 31st& Troost, and near Independence Blvd on east side. Incorporation of property LLCs started in late 2019 and has continued into this year.

Alchemy Properties was founded in 1990 and has since developed over $6 billion in luxury NYC condos and apartments. This includes the top of the line Woolsworth Condo Project.

Alchemy has strong financial backing with lending partners including Bank of America, HSBC, Bank Ozark and equity partners including Blackrock, Prudential, Carlyle Group and Credit Suisse.

Developer Website:
https://alchemy-properties.com/alc-prop ... dies/#35xv

[Riverite]

Alchemy Ventures (branch of Alchemy Properties) has been going on a spending spree in KC. The firm has begun acquiring properties along main street near Westport, Armour Blvd, and a few east side locations.



Developer Website:
https://alchemy-properties.com/alc-prop ... dies/#35xv

Interesting any idea what they plan on doing, they seem to only have New York properties online

[normalthings]

Alchemy Ventures (branch of Alchemy Properties) has been going on a spending spree in KC. The firm has begun acquiring properties along main street near Westport, Armour Blvd, and a few east side locations.



Developer Website:
https://alchemy-properties.com/alc-prop ... dies/#35xv

Interesting any idea what they plan on doing, they seem to only have New York properties online

At this point the common trend between parcels they purchased is that they are near tracts of other derelict structures or cleared land(surface lots, cleared fields). To me that looks like they are starting to acquire sets of parcels to develop later on. Also possible they want to redevelop those buildings and need surface parking. Buy, hold, sell is possible too. Many possibilities at this point.

[Riverite]

Very exciting, looks like they have lots of financial backing.

[earthling]

Great out of town score even if no specific plans yet. Many high quality highly urbane properties. Even more impressive if true they are investing on E Side. The E Side has much more momentum than anyone could dream of. E Bannister also apparently getting a Price Chopper.

[normalthings]

Great out of town score even if no specific plans yet. Many high quality highly urbane properties. Even more impressive if true they are investing on E Side. The E Side has much more momentum than anyone could dream of. E Bannister also apparently getting a Price Chopper.

I used public ownership records so 100% confident on the east side investment. I should clarify Troost & 31st area and Independence Blvd & Bellefontaine area are the two east side ones

[KCtoBrooklyn]

What is the name of the LLC they are using and what is your source of the records? I'm not seeing anything with Alchemy in the title, or that would seem to match.

[KCtoBrooklyn]

So I'm seeing 4 buildings that it looks like Alchemy purchased (maybe I'm missing some):

The Boston Apartments at 38th and Main.
The formerly known as Narcissist Apartments at 31st and Harrison (was a North Terrace Property).
712 Linwood Blvd (was owned by Knaack).
And 500 Gladstone Blvd.

Interesting. From their website, it doesn't look like they own any properties outside of NYC, but I guess they are expanding now. I hope they put some money into their properties. I don't see any development sites that they have purchased.

On a note somewhat related to 31st and Harrison, the majority of the block of Harrison south of Linwood is under contract for sale -52 units in 7 buildings (no word on the purchaser). The one apartment on that block not included (NW corner of 33rd and Harrison) recently underwent a massive renovation and has gone from what I believe was institutional housing to higher-end market rate. With activity happening at 911 Linwood and hopefully some good new owners for the rest of the block, it looks like we could see a huge transformation for one of the more forlorn blocks in the area.