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Re: NE Corner of 14th & Wyandotte (300 unit apartment)
Posted: Thu Apr 25, 2024 7:53 pm
by 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.
Re: NE Corner of 14th & Wyandotte (300 unit apartment)
Posted: Thu Apr 25, 2024 9:29 pm
by langosta
DMNBT_RCJH wrote: ↑Thu Apr 25, 2024 7:53 pm
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.
Re: NE Corner of 14th & Wyandotte (300 unit apartment)
Posted: Thu Apr 25, 2024 10:17 pm
by 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
Re: NE Corner of 14th & Wyandotte (300 unit apartment)
Posted: Thu Apr 25, 2024 11:04 pm
by langosta
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.
Re: NE Corner of 14th & Wyandotte (300 unit apartment)
Posted: Fri Apr 26, 2024 7:16 am
by DMNBT_RCJH
langosta wrote: ↑Thu Apr 25, 2024 11:04 pm
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.
Re: NE Corner of 14th & Wyandotte (300 unit apartment)
Posted: Sat Apr 27, 2024 12:04 am
by im2kull
langosta wrote: ↑Thu Apr 25, 2024 11:04 pm
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?