Midtown Area Apartment Boom

Discuss items in the urban core outside of Downtown as described above. Everything in the core including the east side (18th & Vine area), Northeast, Plaza, Westport, Brookside, Valentine, Waldo, 39th street, & the entire midtown area.
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KCtoBrooklyn
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Re: Midtown Area Apartment Boom

Post by KCtoBrooklyn »

I also would be curious about any more details on that project, if anyone has access. $25-$50M would be a rather large project, particularly for the 64109 zip.

I notice that is has the same upload date listed as the Armour and Troost 4 corners listings (June 9). Is it just a coincidence? I wonder if perhaps this is a listing for all four corners, in addition to the individual listings for each building - but why wouldn't it be titled as Armour and Troost like the others? Could it be another new Mac properties project they listed on the same day?

I can't think of anything that has been discussed in the 64109 zip that would be that large. The SW Corner of Linwood and Troost was supposed to be around $14M. There are a couple of other smaller projects in the pipeline I can think of - SW corner of 31st and Troost, two corners and 27th and Troost, but I don't think either of those would come near that price range.

The only other thing I can think of is the hinted at phase 2 for Compass Resources around 31st and Troost. Perhaps they could be putting together a big plan for the SE corner of Linwood and Troost and maybe some surrounding lots.
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KCtoBrooklyn
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Re: Midtown Area Apartment Boom

Post by KCtoBrooklyn »

Some other Midtown area projects I noticed on that site:

Westport Terrace at Manor Square Boutique Hotel was posted on March 29th for Planning Schematics. Wesport Terrace at Manor Square Apartments was posted on May 5th, but the stage is listed as "Delayed". I don't know if that means it was changed to "Delayed" on that date, meaning it is on hold. It is valued at $120M. I don't remember the price tag on that development, but that seems awfully high, especially if that just includes the apartments and not the hotel (which is listed as $25M-$50M).

31 Levy was also listed as "Delayed" on April 29. I don't know if there is any significance there (paging TOD Activist!)

There is a West Plaza Flats Apartments projct listed on May 3rd for Construction Documents, valued at $25-$50M. The only thing I can think of is the 44 Belle development, which seems delayed. Perhaps it got a new name and may be moving forward?

There is also an untitled Mixed Use Building Apartments/Commercial/Parking for 64111 valued at $16.8M listed as "Delayed" on Feb 17th.
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chaglang
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Re: Midtown Area Apartment Boom

Post by chaglang »

A couple of developers I've talked to describe Westport Terrace as a zombie project - dead but still stumbling forward.
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Re: Midtown Area Apartment Boom

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FangKC wrote: Fri Feb 15, 2019 2:06 am It's called 47 Madison. It was approved by the City in June, 2017. Either Block hasn't lined up all the financing, or they are waiting for to get on a schedule for a construction company or a crane.
The Block website calls this 46Madison while their recent development plan submittal refers to it at 47Madison. The development plan legislation appears to have given them the option to extend for 1 year or propose a more detailed timeline of getting the job started. If I was Block, I don't know why I would renew a plan multiple times that I wasn't going to build. Any more than 5+ years after design, tech/tastes/cost have changed dramatically so that a redesign would make sense.



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http://www.blockllc.com/businessdevelop ... rettyPhoto
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Re: Midtown Area Apartment Boom

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Nice!
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KCtoBrooklyn
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Re: Midtown Area Apartment Boom

Post by KCtoBrooklyn »

There is a new submittal on the Dodge Construction site for Planning Schematics for the 47 Madison Apartment Tower - $71.5M.
https://www.construction.com/projects/d ... ment-tower

There is also one for a "31st and Summit Apartments". 1-3 stories, only $1-3M, so sounds like a smaller project. Maybe for the vacant lot just to the north of WDAF on SW TRFWY.
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Re: Midtown Area Apartment Boom

Post by normalthings »

KCtoBrooklyn wrote: Thu Aug 20, 2020 9:10 pm There is a new submittal on the Dodge Construction site for Planning Schematics for the 47 Madison Apartment Tower - $71.5M.
https://www.construction.com/projects/d ... ment-tower

There is also one for a "31st and Summit Apartments". 1-3 stories, only $1-3M, so sounds like a smaller project. Maybe for the vacant lot just to the north of WDAF on SW TRFWY.
Would make sense if it was scaled down and moved forward as a less luxurious or smaller development. It also aligns with the 1 year extension.
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Re: Midtown Area Apartment Boom

Post by KCtoBrooklyn »

A few more updates on postings for bids on Dodge Construction:

Westport Terrace at Manor Square Boutique Hotel was posted again for Planning Schematics on 8/28/20.

Senior Apartments/Grocery in 64111 was posted on 8/25/20 for Planning Schematics valued at $7M. This must be the phase 3 of the Netherlands/Monarch development at 39th and Main.

Midtown Plaza phases 2,3, and 4 were posted for Planning Schematics on 8/20 and 8/24.

Hopefully this means all of these projects will start moving ahead before too long.
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Re: Midtown Area Apartment Boom

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Promise of Streetcar Expansion Prompts Developers to Pursue $16.3 Million Apartment Project on Main Street
The hoped-for expansion of the streetcar route to UMKC on Main Street has prompted a new apartment proposal for a vacant lot at 3260 Main, just south of downtown near the Linwood intersection.

FFV partnership, a Kansas City-based development entity, wants to build a five-story apartment building with 82 market-rate units along the proposed streetcar route.

It would include one level of underground parking with 70 spaces for cars and 30 bicycle spaces as well as 7,710 square-feet of commercial space on the first floor.

Bob Mayer, president of MR Capital Advisors, said the developers decided to move forward with their plan because of the streetcar extension proposal.

The developer will be seeking a 10-year, 70 percent property tax abatement.
https://cityscenekc.com/promise-of-stre ... in-street/

This project is low risk given low interest rates, high demand in Midtown and high chance of streetcar expansion. Should not get tax abatement methinks unless they provide a significant public amenity (like scoring a Trader Joe's at first level of building, something that significant).

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Re: Midtown Area Apartment Boom

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earthling wrote: Sun Sep 13, 2020 4:16 pm Promise of Streetcar Expansion Prompts Developers to Pursue $16.3 Million Apartment Project on Main Street
The hoped-for expansion of the streetcar route to UMKC on Main Street has prompted a new apartment proposal for a vacant lot at 3260 Main, just south of downtown near the Linwood intersection.

FFV partnership, a Kansas City-based development entity, wants to build a five-story apartment building with 82 market-rate units along the proposed streetcar route.

It would include one level of underground parking with 70 spaces for cars and 30 bicycle spaces as well as 7,710 square-feet of commercial space on the first floor.

Bob Mayer, president of MR Capital Advisors, said the developers decided to move forward with their plan because of the streetcar extension proposal.

The developer will be seeking a 10-year, 70 percent property tax abatement.
https://cityscenekc.com/promise-of-stre ... in-street/

This project is low risk given low interest rates, high demand in Midtown and high chance of streetcar expansion. Should not get tax abatement methinks unless they provide a significant public amenity (like scoring a Trader Joe's at first level of building, something that significant).

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99% sure it already got approval for incentives and the development plan.
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Re: Midtown Area Apartment Boom

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Article says it was supposed to finish in 2018
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Re: Midtown Area Apartment Boom

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Did that zoning change get approved?
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Re: Midtown Area Apartment Boom

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Yet another Midtown plan thanks to streetcar extension looking more realistic.
The historic Kansas City National Guard Armory at 3620 Main is slated to be renovated as a food court and boutique hotel, part of the redevelopment wave occurring along Main Street in anticipation of the planned extension of the streetcar line.

The armory renovation plan calls for the main floor, where up to 400 soldiers once drilled, to be renovated as a food hall and bar.

The upper mezzanine level would become a 36-room boutique hotel. A 40-foot wide courtyard would be located on the south side of the building.

It’s part of an ambitious redevelopment plan for much of the block that includes building a five-story, 80-unit apartment project at 37th and Main, and building a dozen single-family townhouses behind the old armory along Baltimore Avenue.
https://cityscenekc.com/big-redevelopme ... in-street/

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Re: Midtown Area Apartment Boom

Post by shinatoo »

Earthling, you know those articals are from 3-4 years ago. Kevin is on vacation and is doing reruns.
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Re: Midtown Area Apartment Boom

Post by earthling »

Well that's.... confusing.
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Re: Midtown Area Apartment Boom

Post by smh »

earthling wrote: Mon Sep 14, 2020 5:35 pm Well that's.... confusing.
Haha, it happens. :lol:
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Re: Midtown Area Apartment Boom

Post by KCtoBrooklyn »

normalthings wrote: Thu May 07, 2020 5:40 am 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
It looks like Alchemy has more recently acquired much of the 3200 block of Harrison - 7 buildings, which i think total around 60 units. It looks like they have been putting a good amount of money and work into their building on Linwood. Seems like they are looking for value-add properties.

These are right behind the Compass Resources owned building at 911 Linwood. It looks like work is still continuing on that building at a steady rate, but as far as I know, no official plans have been released. Should be a big change to this block. Hopefully the adjacent Milhaus development at Linwood and Troost gets going soon.
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Re: Midtown Area Apartment Boom

Post by normalthings »

Alcazar Apartments filed permits for work on their fire alarm system. Not sure if its part of a broader renovation or not but good to see at least some money going back in
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Re: Midtown Area Apartment Boom

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Westport High School to be renovated into a 133 unit apartment building with 20,000sqft of office. Permits were filed today

https://compasskc.kcmo.org/EnerGov_Prod ... b=moreinfo

https://www.flatlandkc.org/news-issues/ ... -new-plan/
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Re: Midtown Area Apartment Boom

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normalthings wrote: Mon Jun 08, 2020 4:43 pm 3540 Main Street is for sale. This is the Pancho Drive through, adjacent parking lots, and 3 apartment buildings.

https://www.loopnet.com/Listing/3540-Ma ... /19595458/
Pancho's lease expires in the next few months.

First American Due Diligence has been poking around this property. I would assume under contract or LOI.

https://compasskc.kcmo.org/EnerGov_Prod ... b=moreinfo
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