NE Corner of 14th & Wyandotte (300 unit apartment)

[DMNBT_RCJH]

Well. Two months after bids were due, and nothing yet (either behind the scenes that I’m aware of or public). Not worried, yet. If there was a buyer out there, Hilco would have found it. Hopefully by June or July we will have an announcement with actual legitimate financing. Money is beginning to move again, so that gives me hope.

This parcel can’t get developed fast enough.

[langosta]

Well. Two months after bids were due, and nothing yet (either behind the scenes that I’m aware of or public). Not worried, yet. If there was a buyer out there, Hilco would have found it. Hopefully by June or July we will have an announcement with actual legitimate financing. Money is beginning to move again, so that gives me hope.

This parcel can’t get developed fast enough.

Previous developer had funding lined up but tried to get an extension given uncertainty on incentive approvals. Seller thought they could close faster / raise price. Some solid names in the old group too.

[bspecht]

Yep. A couple TIF commissioners blew up the incentives request saying they wanted another but-for analysis based on changes in the development program, that force the funding to not be closed as planned in 2023. https://www.bizjournals.com/kansascity/ ... tives.html

[langosta]

Yep. A couple TIF commissioners blew up the incentives request saying they wanted another but-for analysis based on changes in the development program, that force the funding to not be closed as planned in 2023. https://www.bizjournals.com/kansascity/ ... tives.html

I understand the hesitation with this developer but it is remarkable how close this project got to the finish line, with serious backers, and just poof went up in smoke. Developed was transparent that the chances of successful deal if they didn’t close in December would drop to near 0.

[DMNBT_RCJH]

Yep. A couple TIF commissioners blew up the incentives request saying they wanted another but-for analysis based on changes in the development program, that force the funding to not be closed as planned in 2023. https://www.bizjournals.com/kansascity/ ... tives.html

I understand the hesitation with this developer but it is remarkable how close this project got to the finish line, with serious backers, and just poof went up in smoke. Developed was transparent that the chances of successful deal if they didn’t close in December would drop to near 0.

Yes. The financing was legitimate with the Lux project, from what I’ve heard, and it would have been a big thing for the city to show they could attract that type of investor.

Extremely disappointed it did not close.

I think there was a lot of “well this project was never going to happen” or “this was all vaporware” but this project was incredibly close as proposed.

[im2kull]

Yep. A couple TIF commissioners blew up the incentives request saying they wanted another but-for analysis based on changes in the development program, that force the funding to not be closed as planned in 2023. https://www.bizjournals.com/kansascity/ ... tives.html

I understand the hesitation with this developer but it is remarkable how close this project got to the finish line, with serious backers, and just poof went up in smoke. Developed was transparent that the chances of successful deal if they didn’t close in December would drop to near 0.

What else do you expect with KC Tenant members on the TIF commission?

[DMNBT_RCJH]

Property under contract.

[Chris Stritzel]

I hear it’s a multi-family developer from the southeast who hasn’t developed anything here yet. Nothing else was told to me. Hopefully they do a good first project here.

[DMNBT_RCJH]

I hear it’s a multi-family developer from the southeast who hasn’t developed anything here yet. Nothing else was told to me. Hopefully they do a good first project here.

Hope so too. Something imaginative would be nice, like the Lux project that the TIF board killed.

[TheUrbanRoo]

I hear it’s a multi-family developer from the southeast who hasn’t developed anything here yet. Nothing else was told to me. Hopefully they do a good first project here.

Hope so too. Something imaginative would be nice, like the Lux project that the TIF board killed.

I have to say, I don't blame TIF for this one. The fault is squarely with Lux. I think if this were a rock solid developer & plan, TIF would've sucked it up and passed it.

[DMNBT_RCJH]

I hear it’s a multi-family developer from the southeast who hasn’t developed anything here yet. Nothing else was told to me. Hopefully they do a good first project here.

Hope so too. Something imaginative would be nice, like the Lux project that the TIF board killed.

I have to say, I don't blame TIF for this one. The fault is squarely with Lux. I think if this were a rock solid developer & plan, TIF would've sucked it up and passed it.

We can agree to disagree.

To their credit, Lux is opening two multi-family properties in the urban core in the span of 6-10 months.

[langosta]

I hear it’s a multi-family developer from the southeast who hasn’t developed anything here yet. Nothing else was told to me. Hopefully they do a good first project here.

Hope so too. Something imaginative would be nice, like the Lux project that the TIF board killed.

I have to say, I don't blame TIF for this one. The fault is squarely with Lux. I think if this were a rock solid developer & plan, TIF would've sucked it up and passed it.

Yes please tell us how Greystar isn’t solid

[dukuboy1]

Good news for sure. I hope they do something with a nice wow factor in design. Having the bar be what was submitted as the final design previously.

[TheUrbanRoo]

Hope so too. Something imaginative would be nice, like the Lux project that the TIF board killed.

I have to say, I don't blame TIF for this one. The fault is squarely with Lux. I think if this were a rock solid developer & plan, TIF would've sucked it up and passed it.

Yes please tell us how Greystar isn’t solid

You know we're talking about Lux. So annoying how you always try to shoot these sly shots against me whenever you get the chance lol.

No board is going to finance a project for a company (Lux) that is viewed that corrupt and mired in federal scandals at the time.

[FangKC]

Have you ever heard of Deutsche Bank?

[langosta]

I have to say, I don't blame TIF for this one. The fault is squarely with Lux. I think if this were a rock solid developer & plan, TIF would've sucked it up and passed it.

Yes please tell us how Greystar isn’t solid

You know we're talking about Lux. So annoying how you always try to shoot these sly shots against me whenever you get the chance lol.

No board is going to finance a project for a company (Lux) that is viewed that corrupt and mired in federal scandals at the time.

How many of these federal scandals went beyond rumor mill? None. They had banks, investors, hoteliers, operators all lined up to go.

[DMNBT_RCJH]

Nm

[Anthony_Hugo98]

Yes please tell us how Greystar isn’t solid

You know we're talking about Lux. So annoying how you always try to shoot these sly shots against me whenever you get the chance lol.

No board is going to finance a project for a company (Lux) that is viewed that corrupt and mired in federal scandals at the time.

How many of these federal scandals went beyond rumor mill? None. They had banks, investors, hoteliers, operators all lined up to go.

Lux is being actively investigated by the FBI, and both the Partners are abroad, in non-extradition countries FWIW, and have been for some time.

[Chris Stritzel]

I’d add that FBI investigations can take considerable amounts of time with the final result either being handed over to the US Attorneys office or dropped altogether. Former employees of Lux were interviewed by the FBI.

But I think one point remains: Greystar was involved in this project. It wouldn’t have solely been LuxLiving building and managing it.

[langosta]

Thank you TIF / KC Tenants for securing a long term parking lot here. 60 potential affordable units cancelled instead the lot has sold to a parking operator and developer. Their plans are to operate the parking lot and maybe do some food trucks.