Faultless linens is putting their properties on the market for development in the Xroads. It will be very interesting to see how these shake out. Good locations for a new use.
The company is now taking their properties off the market. Does anybody else see this as an opportunistic move to wait until their property values increase more? But I guess it could be that they have to focus more on finding a new space in St. Louis. Either way, it works out well for them.
Last edited by miz.jordan17 on Wed Jul 27, 2016 2:01 pm, edited 1 time in total.
miz.jordan17 wrote:
The company is now taking their properties off the market. Does anybody else see this as an opportunistic move to wait until their property values increase more?
Faultless linens is putting their properties on the market for development in the Xroads. It will be very interesting to see how these shake out. Good locations for a new use.
The company is now taking their properties off the market. Does anybody else see this as an opportunistic move to wait until their property values increase more?
The Star article actually points out that the white building on the corner of 19th and Broadway is currently under contract and in the due diligence process. This is the largest and most prominent of all their properties, I'm surprised that isn't the headline. Excited to hear what the plans are for that.
With the proximity to the UMKC Conservatory campus, it would be nice if these could be affordable for students, but based on Opus's 51 Main development, that doesn't seem likely.
the 20th and main project will have 10% affordable units. second and main will have 20% (a short, free streetcar ride away). these two examples are voluntary. the city needs to get its shit together and tie TOD and incentives to an affordable minimum.
This development will also have less than one parking space per unit.
The developer said they will not be asking for incentives, but are going through the process in the hopes to have a "defined tax schedule" over the next 10-15 years.
170192 Approving an Industrial Development Plan for Opus Development Company, LLC
for the purpose of the acquisition and construction of a commercial multifamily apartment complex
and a related parking garage, located at 1923
Broadway Boulevard, Kansas City, Missouri; authorizing and approving
various agreements for the purpose of setting forth covenants, agreements
and obligations of the City and Opus Development Company, LLC or its
affiliate or designee; authorizing the issuance of taxable industrial
development revenue bonds in a maximum aggregate principal amount not to
exceed $40,000,000; authorizing and approving certain other documents; and
authorizing certain other actions in connection with the issuance of said bonds.
If this starts along with the big development over on the Midwest hotel block this spring, the Crossroads area is going to look pretty cool with so much construction going on.