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

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

Post by TheLastGentleman » Fri Jul 19, 2019 9:33 pm

normalthings wrote:
Fri Jul 19, 2019 12:06 pm
Copaken acknowledged the project was speculative, but said Power Tower is in discussions with three potential tenants for up to 45 percent of the space; another potential user who could take half the space, and another potential user who could occupy the entire building.
Fantastic news! That’s enough demand for a 500K SF twist tower.
Good sign. Hope this project gets built as offices and not whatever Cordish has planned for the lot

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

Post by FangKC » Fri Jul 19, 2019 9:40 pm

We need new office space more right now.

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

Post by Riverite » Sat Jul 20, 2019 12:05 am

If cordish wants to build class a office space so bad, why don't they just add it to four light, instead of trying to derail someone else.

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

Post by kenrbnj » Sat Jul 20, 2019 7:39 am

Cordish IS justified to complain. Copaken Brooks is capitalizing on the success of the Cordish investment.

Copaken Brooks had been sitting on their hands regarding 13th and Grand, a property they control and s completely unencumbered. Instead, the chose to build withing the periphery of Power and Light.

Stated differently; C-B is risk adverse. They would have NEVER attempted a "P&L" pioneering play as Cordish has successfully developed. Now that Cordish has their concept in-play, C-B wants to jump on stage? You're kidding, right?

Something will be built -- and probably soon. This little passion play SHOULD be allowed to play-out. C-B should earn their success; not ride on the coat tails of someone else who took a damn risk.

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

Post by DaveKCMO » Sat Jul 20, 2019 8:05 am

kenrbnj wrote:
Sat Jul 20, 2019 7:39 am
Cordish IS justified to complain. Copaken Brooks is capitalizing on the success of the Cordish investment.

Copaken Brooks had been sitting on their hands regarding 13th and Grand, a property they control and s completely unencumbered. Instead, the chose to build withing the periphery of Power and Light.

Stated differently; C-B is risk adverse. They would have NEVER attempted a "P&L" pioneering play as Cordish has successfully developed. Now that Cordish has their concept in-play, C-B wants to jump on stage? You're kidding, right?

Something will be built -- and probably soon. This little passion play SHOULD be allowed to play-out. C-B should earn their success; not ride on the coat tails of someone else who took a damn risk.
A heavily subsidized risk. I do credit Cordish with being a part of downtown's renaissance, but it's not like they fucking invented it.

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

Post by shinatoo » Sat Jul 20, 2019 9:36 am

Strata is being subsidized, with direct investment from the city, at 27 million. I don't mind TIF's, but that's real money coming out of the budget.
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Re: OFFICIAL - Strata (H&R Block's 2nd Tower)

Post by kboish » Sat Jul 20, 2019 11:44 am

In addition to the 27 million, the city is exposed to any revenue shortfalls expected to cover the garage debt payments.

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

Post by normalthings » Sat Jul 20, 2019 12:35 pm

Riverite wrote:
Sat Jul 20, 2019 12:05 am
If cordish wants to build class a office space so bad, why don't they just add it to four light, instead of trying to derail someone else.
Cordish would be more competitive if they did that anyways vs building at Strata. 3 and 4 Light would offer larger and more usable office floor plates than Strata.
Last edited by normalthings on Sat Jul 20, 2019 1:31 pm, edited 1 time in total.

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

Post by earthling » Sat Jul 20, 2019 12:39 pm

I'm indifferent on whether this fails because if the developer has tenant interest they could always find a surface lot to build same project. Would rather see surface lot developed given there is already something functional in this spot. Let Cordish build their residential tower here.

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

Post by WoodDraw » Sat Jul 20, 2019 12:40 pm

Plus I'm assuming hr block would have worked with cordish if they came knocking.

Sounds like cordish wants to sit on this property until 2027 while they build out the rest of what they already control.
Last edited by WoodDraw on Sun Jul 21, 2019 9:12 am, edited 1 time in total.

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

Post by WoodDraw » Sat Jul 20, 2019 2:25 pm

Also, does anyone have a copy of the cordish development agreement?

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

Post by normalthings » Sun Jul 21, 2019 12:05 am

WoodDraw wrote:
Sat Jul 20, 2019 12:40 pm
Plus I'm assuming hr block would have worked with cordish if they came knocking.

Sounds like codfish wants to sit on this property until 2027 while they build out the rest of what they already control.
There is a big rift going on within Cordish(Regional vs C level). The city manager outed Cordish as a member of the development team years before the project was officially announced.

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

Post by Highlander » Sun Jul 21, 2019 1:07 pm

earthling wrote:
Sat Jul 20, 2019 12:39 pm
I'm indifferent on whether this fails because if the developer has tenant interest they could always find a surface lot to build same project. Would rather see surface lot developed given there is already something functional in this spot. Let Cordish build their residential tower here.
The KC development community seems very reticent for whatever reasons to expand outside of a small area in downtown. While there has been several high profile mostly residential/hotel projects involving re-developing existing buildings east of Grand, most new build projects/proposals inside the loop have been in the immediate P&L area (or within a block or so). The last new build east of Grand was the Dunn HQ building which was pretty small scale. This pattern seems to happen across the city - even in the plaza area where there seems to be a desire to cannibalize existing space rather than step out. Is it really that important to have one's office in a super high profile location? I would think those surface lots south of Sprint Arena would be premier spots for development but there doesn't seem to be any momentum at all in that direction.

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

Post by beautyfromashes » Sun Jul 21, 2019 4:26 pm

^streetcar.

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

Post by flyingember » Mon Jul 22, 2019 8:13 am

Highlander wrote:
Sun Jul 21, 2019 1:07 pm
I would think those surface lots south of Sprint Arena would be premier spots for development but there doesn't seem to be any momentum at all in that direction.
Remember that in a capitalist society the owner has the choice to not develop their lots.

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

Post by earthling » Mon Jul 22, 2019 9:57 am

Well some capitalists fight for the right to squat but each community can establish limits/requirements within privately owned property.

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

Post by FangKC » Mon Jul 22, 2019 4:24 pm

Our society also allows cities to form redevelopment zones and give fair-market value when they take parcels under eminent domain. This was done for some of the parcels when the Power & Light District was developed.

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

Post by DColeKC » Thu Jul 25, 2019 3:59 pm

normalthings wrote:
Sun Jul 21, 2019 12:05 am
WoodDraw wrote:
Sat Jul 20, 2019 12:40 pm
Plus I'm assuming hr block would have worked with cordish if they came knocking.

Sounds like codfish wants to sit on this property until 2027 while they build out the rest of what they already control.
There is a big rift going on within Cordish(Regional vs C level). The city manager outed Cordish as a member of the development team years before the project was officially announced.
Hello, new to the forum as a member but I've been following along and getting caught up. I can probably help provide insight to various downtown ongoings.

I'm not aware of any rift going on. Cordish and HR had an agreement for years and Cordish was to get the air rights over that area if HR decided not to pursue building a second tower. Cordish is building class-A office space in other cities, so of course they'd prefer to have first right of refusal. More people working downtown is great for Cordish, but we all know CB has been sitting on that lot at 13th and Grand forever.

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

Post by normalthings » Thu Jul 25, 2019 4:14 pm

DColeKC wrote:
Thu Jul 25, 2019 3:59 pm
normalthings wrote:
Sun Jul 21, 2019 12:05 am
WoodDraw wrote:
Sat Jul 20, 2019 12:40 pm
Plus I'm assuming hr block would have worked with cordish if they came knocking.

Sounds like codfish wants to sit on this property until 2027 while they build out the rest of what they already control.
There is a big rift going on within Cordish(Regional vs C level). The city manager outed Cordish as a member of the development team years before the project was officially announced.
Hello, new to the forum as a member but I've been following along and getting caught up. I can probably help provide insight to various downtown ongoings.

I'm not aware of any rift going on. Cordish and HR had an agreement for years and Cordish was to get the air rights over that area if HR decided not to pursue building a second tower. Cordish is building class-A office space in other cities, so of course they'd prefer to have first right of refusal. More people working downtown is great for Cordish, but we all know CB has been sitting on that lot at 13th and Grand forever.
I heard of the rift from a direct source. The regional Cordish folks support the project and wanted to work with Copaken. It’s C-level Cordish who has caused the row.

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

Post by DColeKC » Thu Jul 25, 2019 4:23 pm

I understand and you're mostly correct. The Cordish family wasn't happy from the beginning but once they had a better understanding of HR's involvement, they felt they had the legal right to build there first or at the very least, the right to be a partner and work together with another developer.

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