KCRag Forum

KCPowercat wrote: Yup, yup...good news.  And positive quote from Cordish on their tower.

ditto.

This is probably the one tower I doubted would ever break ground..lets hope this good news sticks.

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).

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.

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.

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?

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.

People manually tearing old repute down now, signs say warning asbestos.

Oh my god, that sounds crazy.  They are desperate to get it down!!!  haha

(punches, kicks old republic building)

chrizow wrote: (punches, kicks old republic building)

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. 

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 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.

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.   

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.

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?

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.

It'll be at least 50%.  In this market, it may be more.

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.