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Re: Power & Light residential tower (next to P&L Building, not Cordish related)

Posted: Wed Mar 12, 2008 11:24 pm
by GRID
KCPowercat wrote: Yup, yup...good news.  And positive quote from Cordish on their tower.
ditto.

Re: Power & Light residential tower (next to P&L Building, not Cordish related)

Posted: Thu Mar 13, 2008 12:00 am
by im2kull
This is probably the one tower I doubted would ever break ground..lets hope this good news sticks.

Re: Power & Light residential tower (next to P&L Building, not Cordish related)

Posted: Thu Mar 13, 2008 12:02 am
by ComandanteCero
well, it's still a ways from actually breaking ground.  They are just tearing down the old republic building, the articles says they'll have to reach a pre-sales threshold before breaking ground (which could come as soon as this year or as late as never).

Re: Power & Light residential tower (next to P&L Building, not Cordish related)

Posted: Thu Mar 13, 2008 12:06 am
by GRID
ComandanteCero wrote: well, it's still a ways from actually breaking ground.  They are just tearing down the old republic building, the articles says they'll have to reach a pre-sales threshold before breaking ground (which could come as soon as this year or as late as never).
I was going to say that but I'm trying REAL HARD to stay positive about getting these new towers out of the ground.  Downtown needs them.

Re: Power & Light residential tower (next to P&L Building, not Cordish related)

Posted: Thu Mar 13, 2008 8:07 am
by ignatius
It's a little surprising but a good indicator that P&L justifies interest of offshoot projects nearby.  Hopefully they can keep the units in the $200K-$400K range.

Re: Power & Light residential tower (next to P&L Building, not Cordish related)

Posted: Thu Mar 13, 2008 8:11 am
by ignatius
So what will happen in the original P&L building?  The first plan was to build an office building next door that would extend the floor plates of the lower 18 floors to the new building and the upper half would be residential.  Will the whole thing be residential now?

Re: Power & Light residential tower (next to P&L Building, not Cordish related)

Posted: Thu Mar 13, 2008 10:04 am
by FangKC
I think that is the Tesla Building project.  Not much has been said about it lately, and it languishes on the drawing board waiting for the office market to pick up.

Re: Power & Light residential tower (next to P&L Building, not Cordish related)

Posted: Thu Mar 13, 2008 2:33 pm
by PumpkinStalker
People manually tearing old repute down now, signs say warning asbestos.

Re: Power & Light residential tower (next to P&L Building, not Cordish related)

Posted: Thu Mar 13, 2008 2:46 pm
by Midtownkid
Oh my god, that sounds crazy.  They are desperate to get it down!!!  haha

Re: Power & Light residential tower (next to P&L Building, not Cordish related)

Posted: Thu Mar 13, 2008 2:48 pm
by chrizow
(punches, kicks old republic building)

Re: Power & Light residential tower (next to P&L Building, not Cordish related)

Posted: Thu Mar 13, 2008 3:24 pm
by DaveKCMO
chrizow wrote: (punches, kicks old republic building)
Image

Re: Power & Light residential tower (next to P&L Building, not Cordish related)

Posted: Thu Mar 13, 2008 3:47 pm
by Gretz
I spoke with Mr. Brettel about this project in Dec, and he said that they had been up to 40% sold before attrition due to the lengthy three-way Mexican standoff with old Republic over the sale of that building and the Cordish driven retail space shenanagins slowly bled away their reservations.  If they could do that well at that location back when the P&L and Sprint Center were holes in the ground, surely they can get up to their construction threshold (just guessing; 60% maybe?) now. 

Re: Power & Light residential tower (next to P&L Building, not Cordish related)

Posted: Thu Mar 13, 2008 5:23 pm
by Angel
I'm keeping my fingers and toes crossed that this project comes to fruition.  I was so disappointed when the Broadway only got 30% and had to fold.  Hopefully with the P&L somewhat open, folks will be more willing to pre-purchase this one. I think if we can get one new residential building going, it'll be what we need to kick start more.  I have people who have been waiting years to buy something new downtown.

Re: Power & Light residential tower (next to P&L Building, not Cordish related)

Posted: Thu Mar 13, 2008 11:27 pm
by MightyKC
I have tried emailing them for more information about the project and have gotten no response.  I think that it is going to be tough for them to hit their mark if they aren't responding to interested investors.

Re: Power & Light residential tower (next to P&L Building, not Cordish related)

Posted: Fri Mar 14, 2008 12:51 pm
by Highlander
Angel wrote: I'm keeping my fingers and toes crossed that this project comes to fruition.  I was so disappointed when the Broadway only got 30% and had to fold.  Hopefully with the P&L somewhat open, folks will be more willing to pre-purchase this one. I think if we can get one new residential building going, it'll be what we need to kick start more.  I have people who have been waiting years to buy something new downtown.
I would think that individuals that comprised the 30% presale at Broadway would still be in the market and could be interested in the Power and Light (non-Cordish) Condos.  It's not like anything new, as in newly built, has come on the market since the Broadway project folded. 

I had thought that the tower being built by Cordish in the P&L District was pretty much a done deal, disappointed to hear that it also has contingencies attached to it.   

Re: Power & Light residential tower (next to P&L Building, not Cordish related)

Posted: Fri Mar 14, 2008 3:23 pm
by Angel
I have at least two clients who had units at The Broadway who have been waiting for some kind of new residential building DT, so there's two sold already!  Plus, I had a unit at The Broadway for investment.  If the project looks good and the market looks like it'll support it, I'll be in for at least one.  I have a few agent friends with clients who had units at The Broadway as well.  So yeah, I think a good number of those folks would be seriously interested if this project gets going.

Re: Power & Light residential tower (next to P&L Building, not Cordish related)

Posted: Fri Mar 14, 2008 3:37 pm
by ignatius
Let's hope presales go well with this building.  It may trigger the potential W hotel/condo project into higher gear.

I wonder what % of presold units they'll need before staring construction.  Is 50% common?

Re: Power & Light residential tower (next to P&L Building, not Cordish related)

Posted: Fri Mar 14, 2008 4:03 pm
by loftguy
ignatius wrote: Let's hope presales go well with this building.  It may trigger the potential W hotel/condo project into higher gear.

I wonder what % of presold units they'll need before staring construction.  Is 50% common?
Yes it has been common, but is now especially expected to be required due to the financial climate.

Re: Power & Light residential tower (next to P&L Building, not Cordish related)

Posted: Fri Mar 14, 2008 4:04 pm
by Angel
It'll be at least 50%.  In this market, it may be more.

Re: Power & Light residential tower (next to P&L Building, not Cordish related)

Posted: Fri Mar 14, 2008 4:40 pm
by bahua
GRID wrote: I was going to say that but I'm trying REAL HARD to stay positive about getting these new towers out of the ground.  Downtown needs them.
I can understand that downtown could benefit greatly from the construction of these towers, but I think it's going pretty far to say that they're needed.