OFFICIAL - Strata (H&R Block's 2nd Tower)

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Re: OFFICIAL - Strata (H&R Block's 2nd Tower)

Post by langosta » Thu Oct 24, 2019 3:39 pm

2 week hold. Copaken Brooks and the City must be closing in on a deal.

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Re: OFFICIAL - Strata (H&R Block's 2nd Tower)

Post by normalthings » Thu Nov 07, 2019 2:48 pm

langosta wrote:
Thu Oct 24, 2019 3:39 pm
2 week hold. Copaken Brooks and the City must be closing in on a deal.
Strata is back on the docket this week. Will it move forward or just get delayed again?

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Re: OFFICIAL - Strata (H&R Block's 2nd Tower)

Post by alejandro46 » Thu Nov 07, 2019 3:59 pm

https://www.kansascity.com/opinion/edit ... 85829.html
“They may not realize it yet. The hotel Bravo deal will fail,” the mayor told The Star Editorial Board. “Strata should fail. That’s just a project that keep living to die another day.”
A ringing endorsement. However, the City already committed to the existing subsidies, and the developer is asking for less, correct? The whole purpose of the building is to attract new tenants to downtown, and the developer is willing to take a lot of the risk to make that happen. It's why we lost out to companies like Starbucks to Nashville, Charlotte, etc. that have existing class A office space in their urban cores. We have minimal, and a lot of our newer builds are heavily subsidized greenfield in middle of joco nowhere.

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Re: OFFICIAL - Strata (H&R Block's 2nd Tower)

Post by normalthings » Thu Nov 07, 2019 4:36 pm

alejandro46 wrote:
Thu Nov 07, 2019 3:59 pm
https://www.kansascity.com/opinion/edit ... 85829.html
“They may not realize it yet. The hotel Bravo deal will fail,” the mayor told The Star Editorial Board. “Strata should fail. That’s just a project that keep living to die another day.”
A ringing endorsement. However, the City already committed to the existing subsidies, and the developer is asking for less, correct? The whole purpose of the building is to attract new tenants to downtown, and the developer is willing to take a lot of the risk to make that happen. It's why we lost out to companies like Starbucks to Nashville, Charlotte, etc. that have existing class A office space in their urban cores. We have minimal, and a lot of our newer builds are heavily subsidized greenfield in middle of joco nowhere.
Project delayed again. Shields now appears to be in support. “A lot of progress has been made”

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Re: OFFICIAL - Strata (H&R Block's 2nd Tower)

Post by KCTOGA » Thu Nov 07, 2019 5:40 pm

I wanted to be wrong so bad. Lucas Funkhowser will grind this city to a halt if he is unaware of the need/importance of Strada. These comments alone are a horrible look for our city. Imagine what any developer/investor must think when seeing these quotes in the paper.No one will be willing to invest in a city whose own Mayor thinks a needed project in the dead center of Downtown is doomed to failure. Impeach!

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Re: OFFICIAL - Strata (H&R Block's 2nd Tower)

Post by beautyfromashes » Thu Nov 07, 2019 6:33 pm

Sounds like it can get approval if the city residual backing component is removed. It’s a $62M credit that will likely never be needed. Why can’t H&R Block put up the credit? They aren’t doing anything to be part of this development. They had an option to build a second tower for themself, but didn’t. Since they didn’t build, it should expire.

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Re: OFFICIAL - Strata (H&R Block's 2nd Tower)

Post by horizons82 » Thu Nov 07, 2019 8:20 pm

Lucas talks out both sides of his mouth on most things, it's kind of his brand. I wouldn't put a lot of stock in that quote, given that it was to the star. Anyone not in a coma knows the star has a hard-on for hating any downtown incentives. Gotta keep them as a sympathetic friend rather than an adversary...

That's fantastic news though if Shields is in support.

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Re: OFFICIAL - Strata (H&R Block's 2nd Tower)

Post by kboish » Thu Nov 07, 2019 8:23 pm

horizons82 wrote:
Thu Nov 07, 2019 8:20 pm
Lucas talks out both sides of his mouth on most things, it's kind of his brand. I wouldn't put a lot of stock in that quote, given that it was to the star.
He certainly tailors his message to his audience. Consider the Biz Journal a week or so ago. That interview definitely gave a different flavor.

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Re: OFFICIAL - Strata (H&R Block's 2nd Tower)

Post by normalthings » Thu Nov 07, 2019 8:29 pm

horizons82 wrote:
Thu Nov 07, 2019 8:20 pm
Lucas talks out both sides of his mouth on most things, it's kind of his brand.
What James tried to tell people during the campaign.

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Re: OFFICIAL - Strata (H&R Block's 2nd Tower)

Post by FangKC » Thu Nov 07, 2019 9:55 pm

Don't pay attention to what he says. Pay attention to what he does.

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Re: OFFICIAL - Strata (H&R Block's 2nd Tower)

Post by Chris Stritzel » Thu Nov 07, 2019 11:00 pm

horizons82 wrote:
Thu Nov 07, 2019 8:20 pm
Lucas talks out both sides of his mouth on most things, it's kind of his brand.
Typical politician.

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Re: OFFICIAL - Strata (H&R Block's 2nd Tower)

Post by KCTOGA » Thu Nov 07, 2019 11:57 pm

\When is Strada's next Council date.

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Re: OFFICIAL - Strata (H&R Block's 2nd Tower)

Post by DColeKC » Fri Nov 08, 2019 9:57 am

beautyfromashes wrote:
Thu Nov 07, 2019 6:33 pm
Sounds like it can get approval if the city residual backing component is removed. It’s a $62M credit that will likely never be needed. Why can’t H&R Block put up the credit? They aren’t doing anything to be part of this development. They had an option to build a second tower for themself, but didn’t. Since they didn’t build, it should expire.
If H&R’s option expires, Cordish would be next in line. I still think it’s complete garbage that H&R pulled this move on Cordish. H&R and Cordish have never gotten along that well but imagine being the developer who invested heavily into several city blocks and now a different developer gets to come along and build something on top of the very foundation you created.

Don’t get me wrong, I’m a big fan of this project regardless of who is technically the developer. The way it all went down, especially with CB squatting on a prime lot 2 blocks away just irritates me.

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Re: OFFICIAL - Strata (H&R Block's 2nd Tower)

Post by wahoowa » Fri Nov 08, 2019 12:20 pm

if cordish wants another prime lot they can just pay to build one on top of the loop ‾\_(ツ)_/‾

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Re: OFFICIAL - Strata (H&R Block's 2nd Tower)

Post by FangKC » Fri Nov 08, 2019 12:50 pm

DColeKC wrote:
Fri Nov 08, 2019 9:57 am
The way it all went down, especially with CB squatting on a prime lot 2 blocks away just irritates me.
Yes, it is irritating. No one gets more frustrated than me over Copaken Brooks. However, you can understand how irritated many of us are that there aren't residents living in the Midland Tower right now--14 years after P&L construction began.

In that time, these buildings were renovated (some started after P&L was completed and had tenants):

Traders on Grand, Power & Light Tower, two Hotel Indigo buildings (KC Costume Bldg., 20th and Grand; Fairfax Lofts, 11th and Baltimore), Argyle Building, Ambassador Hotel, Commerce Tower, Ten Main Center, Grand Boulevard Lofts, Pickwick Hotel, Courthouse Lofts, Mulberry Lofts (at 905 Broadway), 911, 915 Broadway, 804 Broadway, Roasters Block (Folgers Buildings), Oggi Lofts, 21c Museum Hotel (Savoy), The New England Lofts, Hampton Inn (former Gumbel Bldg.), Lucas Place Lofts, Holiday Inn Express (Interstate Building), The New Yorker, Pershing Lofts, Switzer School Lofts, 1721 Walnut, Atlas Lofts (Berlau Bldg.) Piper Lofts, Globe Building at 1712 Main, Crossroads Hotel at 2107 Central, and Corrigan Station.

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Re: OFFICIAL - Strata (H&R Block's 2nd Tower)

Post by beautyfromashes » Fri Nov 08, 2019 1:02 pm

DColeKC wrote:
Fri Nov 08, 2019 9:57 am
If H&R’s option expires, Cordish would be next in line. I still think it’s complete garbage that H&R pulled this move on Cordish.
I could care less about Cordish in this instance. I just don’t like H&R Block getting a benefit for literally doing nothing. They should put up the backup funds to cover a very unlikely default instead of the city. At least then they’d have some skin in the game for the benefit they will receive. If they don’t, call the developers bluff and let Blocks rights expire to Cordish.

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Re: OFFICIAL - Strata (H&R Block's 2nd Tower)

Post by FangKC » Fri Nov 08, 2019 1:24 pm

Is H&R Block's reluctance to give up the rights maybe because once built, they want to have a building next door where they can have access additional space if they ever need it? That could be a motivating factor here.

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Re: OFFICIAL - Strata (H&R Block's 2nd Tower)

Post by kboish » Fri Nov 08, 2019 1:38 pm

They will never need it. They probably won’t exist in 20 yrs.

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Re: OFFICIAL - Strata (H&R Block's 2nd Tower)

Post by DColeKC » Fri Nov 08, 2019 1:49 pm

FangKC wrote:
Fri Nov 08, 2019 12:50 pm
DColeKC wrote:
Fri Nov 08, 2019 9:57 am
The way it all went down, especially with CB squatting on a prime lot 2 blocks away just irritates me.
Yes, it is irritating. No one gets more frustrated than me over Copaken Brooks. However, you can understand how irritated many of us are that there aren't residents living in the Midland Tower right now--14 years after P&L construction began.

In that time, these buildings were renovated (some started after P&L was completed and had tenants):

Traders on Grand, Power & Light Tower, two Hotel Indigo buildings (KC Costume Bldg., 20th and Grand; Fairfax Lofts, 11th and Baltimore), Argyle Building, Ambassador Hotel, Commerce Tower, Ten Main Center, Grand Boulevard Lofts, Pickwick Hotel, Courthouse Lofts, Mulberry Lofts (at 905 Broadway), 911, 915 Broadway, 804 Broadway, Roasters Block (Folgers Buildings), Oggi Lofts, 21c Museum Hotel (Savoy), The New England Lofts, Hampton Inn (former Gumbel Bldg.), Lucas Place Lofts, Holiday Inn Express (Interstate Building), The New Yorker, Pershing Lofts, Switzer School Lofts, 1721 Walnut, Atlas Lofts (Berlau Bldg.) Piper Lofts, Globe Building at 1712 Main, Crossroads Hotel at 2107 Central, and Corrigan Station.

I can understand that frustration but affordable housing will always be needed, high-end, market rate housing not so much. I understand why they would want to put all their focus and effort on getting the expensive new projects up and going while the market allows as opposed to rehabbing an old building into affordable units. The midland tower was never forgot about but a lesser priority for sure. It's currently under construction.

It's also a slightly more complicated project being attached to a music venue. None the less, glad to see it underway.

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Re: OFFICIAL - Strata (H&R Block's 2nd Tower)

Post by TheLastGentleman » Fri Nov 08, 2019 3:02 pm

DColeKC wrote:
Fri Nov 08, 2019 1:49 pm
The midland tower was never forgot about but a lesser priority for sure. It's currently under construction.
I’ve never seen any action around there. When did they start?

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