Fed will sell headquarters to Townsend

moderne · Post by **moderne** » Tue Mar 27, 2007 3:15 pm

Let's just worry about getting the Grand Ave Temple building fixed up!

FangKC · Post by **FangKC** » Tue Mar 27, 2007 7:06 pm

Grand Avenue Temple sold their air rights to Townsend Development Group, which provided them with funds to restore the Temple building. The Temple was also granted parking rights in the new garage. With the new residents in the Reserve Apartments, the congregation at Grand Avenue Temple grew back to healthy levels.

Happiness spread throughout the land.

moderne · Post by **moderne** » Tue Mar 27, 2007 7:43 pm

Wow. Last I had heard, Townsend was going to incorporate the Temple office building into their project. What is the Methodist Church going to do with the office building? I cannot imagine it being anything other than housing. And what new garage? Isn't the current Fed Reserve garage large enough to serve the Reserve condos?

FangKC · Post by **FangKC** » Tue Mar 27, 2007 9:50 pm

I'm just making it up about air rights and garage privileges. It's a fantasy plan after all. I assumed new garage space would be constructed under the new buildings because the Fed parking garage might not be big enough to accommodate the additional square footage.

The Methodist Church hasn't owned the Grand Temple Office Building for years. It will make a good apartment building though.

FangKC · Post by **FangKC** » Fri May 23, 2008 1:03 pm

Jason Townsend appears to be considering a plan to turn part of the old Federal Reserve Bank property into a hotel.

With most of the units at WallStreet Tower sold, Townsend now plans to convert the historic 21-story Federal Reserve Bank of Kansas City at 10th Street and Grand Boulevard, which he purchased in 2005, into residential condominiums.

Tentative plans call for the building to be renovated into 135 condos, but Townsend also is considering proposals that call for part of it to be redeveloped as a hotel.

The mention is near the bottom of the article about the sale of Wallstreet Tower units.

http://www.kansascity.com/business/story/632186.html

aknowledgeableperson · Fri May 23, 2008 11:34 pm

Sale of Wallstreet Tower units? Don't you mean "Trustee Sale" because of debt default?

Townsend says 11 residential units are unsold but the trustee is selling 18 units, guess some might be commercial. If they aren't commercial I guess some of the units are sold but the sale has not closed. Could those buyers be up the creek without a paddle?

Angel · Post by **Angel** » Wed May 28, 2008 4:53 pm

There are 14 unsold, new residential units. Only 1 is pending right now. Maybe the 18 they're getting does include the commercial space.

edit: That 1 sale will close normally. This shouldn't affect any contracts in the works already.

KCDowntown · Post by **KCDowntown** » Wed May 28, 2008 4:56 pm

One of the security desk guys told me that it does include the commercial space on 2,3,4 and underground.

KCDowntown

Angel · Post by **Angel** » Fri Jan 22, 2010 5:38 pm

Townsend has sold the Fed Reserve. The buyers will be turning it into a hotel.

kcexpress · Post by **kcexpress** » Sat Jan 23, 2010 1:35 pm

It seems a little out of place for a hotel. I think they should stick with lofts IMO.

zonk · Post by **zonk** » Sat Jan 23, 2010 2:51 pm

nobody's buying.....nobody's financing either.....hotels or lofts.

GRID · Post by **GRID** » Sat Jan 23, 2010 9:06 pm

Angel wrote: Townsend has sold the Fed Reserve. The buyers will be turning it into a hotel.

Any more info on this?

Angel · Post by **Angel** » Sun Jan 24, 2010 12:18 am

I do know the sale went through and Townsend's team will be working with them through the renovation and construction process. No info on when they'll get started yet. I'm not sure which company bought it, but I'm pretty sure it's a fairly well-known hotelier like Marriott or Hyatt.

The vault level will be separated completely with no access to that area from the building besides a secure elevator...nobody involved with the hotel will be able to access that area. It's going to be used as a data center. I was down there a couple of weeks ago and those vault rooms are impressive!

Angel · Post by **Angel** » Wed Feb 17, 2010 10:36 am

The hotel will be an Embassy Suites.

LenexatoKCMO · Post by **LenexatoKCMO** » Wed Feb 17, 2010 10:37 am

Angel wrote: The hotel will be an Embassy Suites.

JQH?

Angel · Post by **Angel** » Wed Feb 17, 2010 10:45 am

I'm not sure, but would assume so.

Post by **WSPanic** » Wed Feb 17, 2010 10:51 am

Angel wrote: I'm not sure, but would assume so.

Not really JQHs style. It's a downtown rehab vs. a new build. And it doesn't really look like it could have as much meeting space as he generally likes. I can't think of an Embassy Suites he's been involved in over the past 10 years that wasn't 1) a new build and 2) attached to a conference/convention center.

But, would be great to see JQH have a downtown KC property.

LindseyLohan · Post by **LindseyLohan** » Wed Feb 17, 2010 8:58 pm

Who is building the data center?

Angel · Post by **Angel** » Thu Feb 18, 2010 12:15 am

LindseyLohan wrote: Who is building the data center?

Townsend is building the data center(s), Netsolus - now 10-J - will be running them.

trailerkid · Post by **trailerkid** » Sat Feb 20, 2010 12:51 am

Angel wrote: The hotel will be an Embassy Suites.

aren't most ES hotels atrium design? I've never seen one that wasn't.

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