langosta wrote: ↑Wed Apr 29, 2020 10:22 pm
With KC preparing to open back up, is Cordish going to restart 3 Light?
Depends really. If Cordish doesn't have financing in place for this project, then there's a problem. Lenders aren't very open to lending money right now because of the economic slow down. However, if the reopening of cities and states across the country and world starts to happen, and if those don't backfire, then lenders will lend to Cordish.
I seriously doubt Cordish doesn't have financing lined up for this project. If they have financing, then they can start it this summer. I'm sure that the economy will have recovered by time it opens in 2-3 years.
langosta wrote: ↑Wed Apr 29, 2020 10:22 pm
With KC preparing to open back up, is Cordish going to restart 3 Light?
Depends really. If Cordish doesn't have financing in place for this project, then there's a problem. Lenders aren't very open to lending money right now because of the economic slow down. However, if the reopening of cities and states across the country and world starts to happen, and if those don't backfire, then lenders will lend to Cordish.
I seriously doubt Cordish doesn't have financing lined up for this project. If they have financing, then they can start it this summer. I'm sure that the economy will have recovered by time it opens in 2-3 years.
They have finished drawings and already filed and paid for some of the permits. But I don’t know if that means that much. Cordish is smart enough to abandon the sunk costs if they aren’t sure demand is going to be there in 2023
With interest rates at a historic low; adding the anticipation of a fairly rapid recovery of the property markets..
Underlying fundamentals of this type of inventory into this market remain sound over the intermediate and the long-term. Accounting for a 2023 introduction of the property into the market; it would be a surprise if Cordish protracts plans.
Hopefully elevator living in era of COVID won't scare off downsizers from burbs that have been thinking of a move into city. Won't be surprising if demand for luxury units will be lower some next 2 years compared to last 2 years.
Why? For residential construction involving elevators, demand very well may change due to COVID. Possible anyway with older downsizers from burbs considering city living.
earthling wrote: ↑Thu Apr 30, 2020 8:44 am
Why? For residential construction involving elevators, demand very well may change due to COVID. Possible anyway with older downsizers from burbs considering city living.
Oh the whole world and economy is going to change due to it. I'm saying the specific question of "ok lockdown is over, are we moving forward on XXX project" doesn't make a lot of sense. it's way more macro than that.
Elevators are the least of our problems. If commons-area human-to-human contact becomes a long-term vex, we have far deeper problems than an apartment building.
The world is about touchscreen-based systems; doors in public spaces, common restroom facilities, mass transit; etc. An elevator?
Curious when Otis, Schindler, etc will employ a "Alexa, fifth floor" voice command scheme. Perhaps I should patent the idea.
For someone to alter their decision to downsize into a walking-friendly/urban environment on account of "Covid"? They might need therapy.
Humans have expressed a desire to live in a community since the dawn of written history; some stupid COVID event will not change this.
kenrbnj wrote: ↑Thu Apr 30, 2020 9:47 am
Elevators are the least of our problems. If commons-area human-to-human contact becomes a long-term vex, we have far deeper problems than an apartment building.
The world is about touchscreen-based systems; doors in public spaces, common restroom facilities, mass transit; etc. An elevator?
Curious when Otis, Schindler, etc will employ a "Alexa, fifth floor" voice command scheme. Perhaps I should patent the idea.
For someone to alter their decision to downsize into a walking-friendly/urban environment on account of "Covid"? They might need therapy.
Humans have expressed a desire to live in a community since the dawn of written history; some stupid COVID event will not change this.
No need for voice control. Elevators can already detect your id/key card when you walk into the lobby and send an elevator to you with your floor pre-programmed. It’s been a few years, but that’s how I remember it working at WTC/WFC
Quite Clever.. Strangely, my main home is 16 miles directly south of WTC - have not been in the buildings aside from the Memorial. I did not know this.
kenrbnj wrote: ↑Thu Apr 30, 2020 9:56 am
Quite Clever.. Strangely, my main home is 16 miles directly south of WTC - have not been in the buildings aside from the Memorial. I did not know this.
I’m sure it’s an expensive system and there was probably a screen somewhere for visitors to select a floor from that I am forgetting.
kenrbnj wrote: ↑Thu Apr 30, 2020 9:47 am
For someone to alter their decision to downsize into a walking-friendly/urban environment on account of "Covid"? They might need therapy.
You're in NYC. Many who move to downtown KC come from the KC burbs and have lived in car dependency and single family homes most/all of their lives. As much as it sounds unreasonable by those accustomed to city living, it wouldn't be surprising in KC that some have second thoughts coming from the burbs, especially older downsizers that considered a downtown move. I live in a hirise condo with most coming from burbs and most actually drive their car for something a few blocks away. Crazy yes, but this is KC. Don't be surprised if demand for downtown living over next 2 years is lower than last 2 years.
Last edited by earthling on Thu Apr 30, 2020 10:07 am, edited 1 time in total.
the world is not going to change this dramatically if you ask me. Maybe it would have naturally went this way with technology but COVID19 isn't going to change how elevators work on its own.
Not the world, downtown KC impact given many who move downtown have lived car dependency/single family homes most/all of their lives. And I'm not saying it will happen, just won't surprising if downtown demand is lower next 2 years than last 2 years.
earthling wrote: ↑Thu Apr 30, 2020 10:09 am
Not the world, downtown KC impact given many who move downtown have lived car dependency/single family homes most/all of their lives. And I'm not saying it will happen, just won't surprising if downtown demand is lower next 2 years than last 2 years.
I think a reduction in demand will be more so due to economic downturn than a fear of design. Every opinion is a valid one though. You could very well be correct. Kansas City people seem to cling onto to ideas forever (KCI is Great! Downtown is dangerous!) so I hope they don't cling onto this.
Last edited by normalthings on Thu Apr 30, 2020 10:30 am, edited 1 time in total.
I've seen discomfort of elevator confinement in my building, some putting face into shoulder if not wearing mask. Is why I bring it up. And while I pointed out elevators, I meant more from KC burbs may avoid more confined urban living in general at this point. Not saying that will be the main reason, but also wouldn't be surprising if part of reason.
Still plan to break ground this year but it won’t happen until the company in general has some revenue coming in. They have a few large projects under construction that didn’t stop due to the virus. Phase 2 of BPV and a casino in Pittsburgh.
As for Covid having a impact on downtown residential, that’s interesting. The downtown zip code has barely any reported cases, which I’d use as a selling point.
