Good news for this building. There'e now enough momentum downtown that near weekly announcements for downtown housing is almost becoming ho hum. Now bring on infill development as well.
I think it shows the credit markets are freeing up again for real estate development projects. However, this could be short-lived if Congress refuses to raise the debt limit, and world credit markets are affected.
Lobby Staircase
Attic, WHB used to broadcast out of the space.
Susan Richards Johnson offices 11th floor
ballroom/event space
Arcade entry
Arcade
Lobby
Lobby
Deal for Scarritt Building: 'It was like robbing the bank'
Developer Wayne Reeder and his family trust have acquired the 12-story Scarritt Building, 818 Grand Blvd., and the four-story Scarritt Arcade, 818 Walnut St.
Reeder said the conjoined historic buildings, both built in 1907, are only about 35 percent occupied after a prolonged and failed attempt to convert them into affordable apartments. His plan is to refill them with office users while maintaining about 10,000 square feet of existing event space. The buildings total about 158,000 square feet.
If you haven't been inside the two properties, The Scarritt Building and the Scarritt Arcade, take a gander at this slideshow. The Scarritt Building faces Grand, and the Arcade Annex faces Walnut.
The move, from a 450-square-foot space where they ran a two-man show to 1,900 square feet on the 11th floor of the Scarritt Building, was spurred by a plan to add four employees to KC Metro Homes, which buys, rehabs and rents distressed single-family homes, then sells them to wealthy investors who want to diversify their investment portfolios.
Crippen said about 50,000 square feet, or about a third of the buildings’ total square footage, still remains for lease. And he and Edmondson are pitching it to potential tenants in increments as large as entire 8,450-square-foot floors and at prices ranging from $14 to $19 a square foot.