OFFICIAL - Commerce Tower
- FangKC
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- DaveKCMO
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Re: Commerce Tower is for sale
awesome that they're seeking an historic register listing. guess that means no balconies...
- KCMax
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Re: Commerce Tower is for sale
Collison: Commerce Tower redevelopment plan moves forward
The $71 million project being pursued by a group called Kansas City Sustainable Development Partners received unanimous approval for a 10-year, 100 percent property tax abatement from the Land Clearance for Redevelopment Authority....
The developers plan to continue using about half of the building, 160,000 square feet, as office space. Besides apartments, the developers believe Park University will continue to be a tenant, and other uses will include a childcare center.
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- Western Auto Lofts
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Re: Commerce Tower is for sale
Downtown Kansas City has gone through so many changes this past 8 years. The next three years will bring even more changes to the skyline, composition and demographics as we put in the street car starter line, One Light Tower and the renovation/rehab of many buildings into market rate apartments. I'm hoping the new downtown YMCA gets underway during that time and that all the developements and changes will bring someone on board to turn the Federal Reserve into apartments/condos or an upscale hotel.
Even the City Market is upgrading with the new apartments west of populous and the initial housing phase in Columbus Park. The builder of the townhouse off Wyandotte is seriously considering the build out of several more units which would infill those surface lots.
I'm really excited about our future and look forward to seeing all the changes.
Even the City Market is upgrading with the new apartments west of populous and the initial housing phase in Columbus Park. The builder of the townhouse off Wyandotte is seriously considering the build out of several more units which would infill those surface lots.
I'm really excited about our future and look forward to seeing all the changes.
- chaglang
- Bryant Building
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Re: Commerce Tower is for sale
I can almost guarantee that the $9.4m figure will come up when the Missouri Legislature takes another run at the tax credits next year.Part of the proposed redevelopment agreement before the LCRA, however, gave board chairman Michael Duffy pause.
Duffy questioned the 20 percent, $9.4 million developer's fee included in the project, calling it a higher-than-average figure.
But Bob Long, a development services specialist with the Economic Development Corp. of Kansas City, said a 20 percent developer's fee was typical for historic renovation projects.
http://www.bizjournals.com/kansascity/n ... merce.html
- grovester
- Oak Tower
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Re: Commerce Tower is for sale
Does it seem appropriate? A GC often get 20%.
- chaglang
- Bryant Building
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Re: Commerce Tower is for sale
It does, but in a debate that only focuses on numbers and not context, it looks bad. Along the same lines, the Mayberry Machiavellis love to cite how much the state pays out in tax credits, but never mention that the state gains several times that amount that in economic investment as a result.grovester wrote:Does it seem appropriate? A GC often get 20%.
- grovester
- Oak Tower
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Re: Commerce Tower is for sale
Gotcha. Folks always seem to think that's free money.
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- Mark Twain Tower
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Re: Commerce Tower is for sale
a good pointchaglang wrote:It does, but in a debate that only focuses on numbers and not context, it looks bad. Along the same lines, the Mayberry Machiavellis love to cite how much the state pays out in tax credits, but never mention that the state gains several times that amount that in economic investment as a result.grovester wrote:Does it seem appropriate? A GC often get 20%.
I like handouts that come with strings attached, auditing and results you can see. like if it over and over a program gets us a return, let's keep it. if a specific handout doesn't, let's stop doing it.
there was that story about the economic assistance to some factory project where both the city/county and state were going to pitch in. then it turned out the whole thing was a scam. the state had benchmarked the assistance to creating jobs, was actually going to check, and was out nothing as a result. that's my kind of assistance.
that relates to the big issue with the KS-MO stealing. there was that whole article that showed the state of KS isn't decently auditing it's handouts based on job creation. and that's wrong.
- taxi
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Re: Commerce Tower is for sale
Developers always charge the maximum that the DED will allow for a development fee. That way, they maximize the amount of tax credits. It is mainly set by precedent and this is what they have historically allowed. If the DED allowed 95%, they would charge that.
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- Oak Tower
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Re: Commerce Tower is for sale
Anyone recall how the elevator banks are set up? Are 10-24 serviced directly by at least 2 lifts and 1 freight lift?
- beautyfromashes
- One Park Place
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Re: Commerce Tower is for sale
Excuse maybe a dumb question, but is Commerce Bank no longer in the building? Where are they now?
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- Oak Tower
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Re: Commerce Tower is for sale
Sorta dumb question, look up, can't hide a 20 story building on 10th st.
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- Mark Twain Tower
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Re: Commerce Tower is for sale
the one that sold is the Commerce Towerbeautyfromashes wrote:Excuse maybe a dumb question, but is Commerce Bank no longer in the building? Where are they now?
Right now they're in the Commerce Trust Building and Commerce Bank Building and AT&T Building (811 Main)
- beautyfromashes
- One Park Place
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Re: Commerce Tower is for sale
I guess I'd look up if I worked at 10th street, but I don't and no ones given me a reason to be there for anything else. --::crickets in the north loop::
- FangKC
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Re: Commerce Tower is for sale
Commerce Tower Redevelopment picks contractor, architect
http://www.bizjournals.com/kansascity/n ... 2013-12-03
http://www.bizjournals.com/kansascity/n ... 2013-12-03
- Eon Blue
- Alameda Tower
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Re: Commerce Tower is for sale
Anyone notice that a month or two ago the lights on the Commerce 'globe' on the north side of the building changed from red to green?
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- Western Auto Lofts
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Re: Commerce Tower is for sale
There are two banks of elevators -- with I believe four elevators per bank. The lowrise elevator bank also includes a separate, keyed elevator that goes down 30 feet into the sub-basement to the vault, which by the way, is still leased by Commerce Bank.moderne wrote:Anyone recall how the elevator banks are set up? Are 10-24 serviced directly by at least 2 lifts and 1 freight lift?
It would be a logistical nightmare if Commerce had to vacate the vault, as customers have had those safe deposit boxes for decades and may visit downtown infrequently. Some may even come to KC only rarely. Last time I was in the vault, the attendant indicated that Commerce had a very long term lease (50 years IIRC), and had no intention of ever giving up the cavern.
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- Western Auto Lofts
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Re: Commerce Tower is for sale
Yes -- green is the corporate color, but the lights were red for many years.Eon Blue wrote:Anyone notice that a month or two ago the lights on the Commerce 'globe' on the north side of the building changed from red to green?
- smh
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Re: Commerce Tower is for sale
It looks a lot nicer, not sure why. But I like it.Eon Blue wrote:Anyone notice that a month or two ago the lights on the Commerce 'globe' on the north side of the building changed from red to green?