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Re: AMC and Ten Main Center
Posted: Thu Dec 17, 2015 1:09 pm
by pash
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Re: AMC and Ten Main Center
Posted: Thu Dec 17, 2015 1:36 pm
by loftguy
I think you are out of touch with what is happening in most major resurrecting cities around the country.
Focused and layered incentives (abatement, tax credits, expedited processing, land contribution, public infrastructure) are provided in return for mixed income structuring of residential developments.
Investors and lenders recognize it and are making it work.
The suburbs need to be doing it, too. It's good planning. Not everywhere, but most places should be that way.
It's time to stop demonizing by income levels. That's not how successful communities work.
Re: AMC and Ten Main Center
Posted: Thu Dec 17, 2015 3:03 pm
by FangKC
You also have to take into consideration that some of the cheaper apartments that were occupied by lower income residents were taken out of the downtown market--reducing the stock. Two 11-story apartment buildings were demolished on Quality Hill at 10th and Jefferson. The Pickwick Hotel was vacated. The University Towers and Pinnacle Apartments at 600 and 700 E. Eighth St. became the Manhattan Condominiums. The Waltower Building, at 9th and Walnut, was also redeveloped.
Re: AMC and Ten Main Center
Posted: Thu Dec 17, 2015 3:30 pm
by beautyfromashes
pash wrote:No matter how much you like to have poor people around, requiring developers to provide low-income housing downtown makes little sense as a matter of public policy.
It drives up the cost of market-rate units while limiting their supply, which leads to a bifurcated housing market in which middle-income people get pushed out. You get fewer housing units built overall, because you reduce the returns to new construction; that hinders an important market process for providing low-cost housing—an increased availability of cheap, old housing stock as wealthier people move into newer, more desirable units. And you're paying top dollar for housing units for the poor when for the same price you could build far more of them in other, cheaper locations.
And there are a slew of other reasons to think it's poor policy, particularly compared to alternative policies.
+1
Re: AMC and Ten Main Center
Posted: Thu Dec 17, 2015 3:32 pm
by DaveKCMO
TRICKLE DOWN
Re: AMC and Ten Main Center
Posted: Thu Dec 17, 2015 4:29 pm
by grovester
"...And you're paying top dollar for housing units for the poor when for the same price you could build far more of them in other, cheaper locations."
Like maybe over by Paseo in the NE.
:edited for eyeroll
Re: AMC and Ten Main Center
Posted: Thu Dec 17, 2015 5:42 pm
by aknowledgeableperson
"I see no one arguing against low/moderate income housing downtown."
Was that type of housing included in the original plans? How many other residential plans do not include it or were revised to include it?
Re: AMC and Ten Main Center
Posted: Thu Dec 17, 2015 6:12 pm
by loftguy
All of the income guideline, low/moderate income housing downtown that I know of was built to serve that purpose. No one has switched to low income, probably since the Pickwick in the 70's.
There are some owners of market rate apartments that have kept their rents lower, but those are not subsidized and it's simply the owners business model.
Re: AMC and Ten Main Center
Posted: Thu Dec 17, 2015 7:54 pm
by pash
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Re: AMC and Ten Main Center
Posted: Thu Dec 17, 2015 8:22 pm
by FangKC
Some developers put low-income housing units in their developments because they get financing from federal and state sources as part of their financing mix.
Re: AMC and Ten Main Center
Posted: Thu Dec 17, 2015 9:12 pm
by grovester
Poor people<>mixed income
Re: AMC and Ten Main Center
Posted: Fri Dec 18, 2015 12:20 pm
by flyingember
FangKC wrote:Some developers put low-income housing units in their developments because they get financing from federal and state sources as part of their financing mix.
Add to it that new built low income housing will be 100% filled with a waiting list. It would be a very reliable income source.
It's your classic math problem for a developer why we aren't seen more of this housing built. The demand for middle class priced housing is too high that there's a premium on rental rates. Doubtless can get a better return than low income options
Re: AMC and Ten Main Center
Posted: Mon Jan 25, 2016 12:22 pm
by normalthings
Re: AMC and Ten Main Center
Posted: Mon Jan 25, 2016 12:36 pm
by loftguy
Can you summarize the news for those of us who do not subscribe?
Re: AMC and Ten Main Center
Posted: Mon Jan 25, 2016 12:37 pm
by KCDowntown
Over the past couple of weeks there have been quite a few permits related to converting floors 20 and 21 (pretty sure these are the top two floors) into residential.
KCDowntown
Re: AMC and Ten Main Center
Posted: Mon Jan 25, 2016 2:14 pm
by smh
loftguy wrote:
Can you summarize the news for those of us who do not subscribe?
Floor 21 & 22 to be converted into 30 "high-end" apartments.
2nd Floor [Main Lobby area] to undergo significant renovation including the addition of a "high-end" gym with half a basketball court, a screening room, and other amenities to serves residents and office workers.
"Never the intent of the owners to do more than two floors of residential, don't know how their attorneys heard otherwise." With the reduction in office space, the building's office space is now 80% occupied. They see a strengthening office market and believe being on the streetcar line is a big benefit for the building.
Re: AMC and Ten Main Center
Posted: Mon Jan 25, 2016 3:28 pm
by flyingember
Someone being bullish on office space is a good thing for downtown. I am all for this owner being correct
Re: AMC and Ten Main Center
Posted: Mon Jan 25, 2016 4:49 pm
by bspecht
Noticed south side of Main Floor cleared out over the weekend.
Re: AMC and Ten Main Center
Posted: Mon Jan 25, 2016 10:25 pm
by aknowledgeableperson
Putting residences and offices into the same building would be very positive. Start of a trend for KC?
Corrected.
Re: AMC and Ten Main Center
Posted: Tue Jan 26, 2016 10:21 am
by flyingember
aknowledgeableperson wrote:Putting residences and apartments into the same building would be very positive. Start of a trend for KC?
I assume you meant offices and apartments.
Union Carbide was one of the first notable projects to do this. 3 stories of office space and 9 stories of residents above it.
Commerce Tower is doing this roughly 50-50
Two Light is planned with both
It's not a strong trend, but it's clearly becoming more common to mix office and residential downtown.