OFFICIAL - Strata (H&R Block's 2nd Tower)

[WoodDraw]

Apparently, the Star Opinion board can’t do any actual journalism, saying there aren’t any tenants for this building so it shouldn’t receive incentives. Trust me, there are.

And we all know there are. It's shitty, lazy journalism.

[langosta]

Council Committee Action : Recommended Do Pass

KCPS provided public testimony for the delay of this project, increased funding for the schools, and noted a public dislike of incentives.

New details:
- Estimated break even rent:$32 SF, estimated market rate $38-40 SF.
- If nothing is built by 2027, Cordish gains development rights and has said they would build a residential tower

[KCLover]

This article says it's going to be 25 stories now.
https://fox4kc.com/2019/06/26/new-downt ... ax-breaks/

[TheLastGentleman]

This article says it's going to be 25 stories now.
https://fox4kc.com/2019/06/26/new-downt ... ax-breaks/

I thought it had always been 25 stories? What was it before?

[missingkc]

24

[normalthings]

Project is now offering a ground floor “coffee shop” retail space.

[normalthings]

Passed as amended.


Any proceeds for the city will be put into the Housing Trust Fund.

BE IT ORDAINED BY THE CITY COUNCIL OF KANSAS CITY:

Section 1. That the City Manager is hereby authorized to execute the Master Development Financing Agreement among the City of Kansas City, Missouri, the Port Authority of Kansas City, Missouri and Power Tower Block 124, LP in substantial form as that attached hereto as Attachment A.

Section 2. That the City Manager is further authorized to execute any and all other related documents necessary for the City’s performance of its obligations set out in the above Master Financing Agreement.

Section 4. That the Council reaffirms its direction as set out in Committee Substitute for Ordinance No. 180982, As Amended, that in the event the documents authorized herein are executed and the Block 124 Office Tower and related parking garage are constructed, the public participation share in excess of that required for debt service shall be directed to the Housing Trust Fund and used for the purposes authorized with respect to such Housing Trust Fund, for so long as the City is entitled to receive the same. In the event that the Housing Trust Fund shall not exist or shall cease to exist, the share identified herein shall be directed to the Shared Success Fund.

Section 5. That this ordinance is recognized as an ordinance with an accelerated effective date as provided by Section 503(a)(3)(D) of the City Charter in that it relates to the construction of a public improvement, and shall take effect in accordance with that section.

[DaveKCMO]

The city could raid excess TIF funds for the housing trust fund, just like they do for northland roads and bridges.

[normalthings]

Strata project vote delayed again by City council and referred back to committee, this time at developer request.

Per City Scene KC Twitter

[mister816]

it's not gonna happen

[DaveKCMO]

The rumor is that Cordish is lobbying against it so they can build something there that they would control.

[WoodDraw]

The rumor is that Cordish is lobbying against it so they can build something there that they would control.

Doesn't HRB control it for another few years?

Can't believe that Cordish will draw a lot of sympathy from the city.

[DaveKCMO]

I think you'll be surprised at how this will shake out...

[beautyfromashes]

H&R Block won’t let the development opportunity expire. It will happen. It might take a little more time or the project will look differently, but you’ll see movement soon even if it takes another money negotiation with the city.

[normalthings]

I think you'll be surprised at how this will shake out...

This project would probably have passed today.

My thought is that the Developer needed the vote pushed back due to a major change in the project. Delaying the vote does him no favors politically - new anti-incentive council, Cordish gets more time to lobby. The extra floor and parking garage space was not seen as important enough to warrant any discussion or document edits. What ever new change must be bigger if it was enough for the developer to ask for the ordinance to only be delayed but to be kicked back to committee. Obviously, the hope is that Class A demand is high and they want to build out the original 350K SF.

The rumor is that Cordish is lobbying against it so they can build something there that they would control.

It’s interesting to hear that Cordish is lobbying against the project. At one point they were working on a Hotel there and at another point Troy mentioned CP, HRB, and Cordish working together on the office. IMHO. Cordish should focus on actually building 3 and 4 before trying to grab more land.

I think you'll be surprised at how this will shake out...

Now dream world. This development’s original 2004 scope was 350K SF with a huge garage. The structural support and foundations were built to hold a much heavier structure than what’s now proposed. A 266K Strata Office would leave roughly 100K+ SF of designed weight for other uses (apartment, condo, hotel, more office). Strata’s floor plates are roughly the same size as One Light’s already.... Could Copaken Brooks be looking at putting apartment or condo units on top of Strata? Apartment/Condo parking has some synergies with office and so a minimal if any increase to the parking garage would be needed. Copaken Brooks has shown a desire to diversify into residential as well. Of course, Cordish would lobby against anyone trying to build high rise housing in or near Power and Light. They have a monopoly on housing units in one of the most expensive and most active/desirable downtown neighborhoods. Strangerthings have happened.

And of course, it could (likely) be nothing at all.

[FangKC]

ut oh.

[wahoowa]

I think you'll be surprised at how this will shake out...

a picklemans????

[normalthings]

Cordish Objections Prompt Vote Delay on Downtown Office Tower Proposal

Objections by the Cordish Co. that the proposed Strata office tower at 13th and Main would violate the firm’s 2004 development agreement with the city prompted the developer to obtain a delay from the City Council Thursday.

Bad news.

Copaken acknowledged the project was speculative, but said Power Tower is in discussions with three potential tenants for up to 45 percent of the space; another potential user who could take half the space, and another potential user who could occupy the entire building.

Fantastic news! That’s enough demand for a 500K SF twist tower.

https://cityscenekc.com/cordish-objecti ... proposal/

[Riverite]

So is Strata completely derailed?

[DaveKCMO]

So is Strata completely derailed?

Unclear. It will be an interesting first test of the new Council's mettle.