Re: Historic Plaza Apts Being Demo'd?
Posted: Tue Feb 16, 2016 3:46 am
This makes me very upset because Price Brothers said in the past, the only way to save the Nelle Peters' buildings would have been to purchase this building to use its parking garage and to convert it into apartments. Doing that would have created a financially successful restoration/renovation project and they were pursuing that path. However, Price Brothers at the time of demolition said they were not able to acquire that property and were thusly "forced" to demolish the Nelle Peters' buildings.Greg Swetnam of Kessinger/Hunter & Co. LC also represented Highwoods in the sale of the fully leased Park Plaza, which was acquired by Price Brothers, an Overland Park-based development company
Developed by the J.C. Nichols Co. in 1983, Park Plaza is located just north of the site of the three 12-unit apartment buildings (4728-4734 Summit St.) that Price Brothers demolished for redevelopment this year following a battle with preservationists who wanted the rundown, 1927 buildings preserved as examples of architect Nelle Peters' work.
Park Plaza is fully occupied with office tenants. During debate over the Nelle Peters' buildings in January, Price Brothers CEO Doug Price disclosed that he had been talking to Highwoods Properties about buying Park Plaza and converting it for apartment use. Price Brothers already has developed two Plaza-area luxury apartment projects: 46 Penn, a 177-unit project at 46th Street and Pennsylvania Avenue, and Cambria Apartments, located in the renovated Neptune Apartments building at 333 W. 46th Terrace. The Summit Street site might becomce a third, a spokesman for Price Brothers said Friday, but plans now call for continuing to lease Park Plaza for office use.
Actually, thats not quite what they said. While talking about what he plans to do with the property after they demo'd the Nelle Peter's buildings, he said he would try to purchase the Park Plaza building to utilize their parking garage b/c there was no room to build one out. He said if he was successful in doing that, he would not ask for incentives. He said if he couldn't purchase it, he would have to build a new garage underground...but didn't really speak to incentives about that proposition.JLowe2018 wrote:Price Brothers has acquired the office building, Park Plaza, north of the former Nelle Peters' buildings' site.
This makes me very upset because Price Brothers said in the past, the only way to save the Nelle Peters' buildings would have been to purchase this building to use its parking garage and to convert it into apartments. Doing that would have created a financially successful restoration/renovation project and they were pursuing that path. However, Price Brothers at the time of demolition said they were not able to acquire that property and were thusly "forced" to demolish the Nelle Peters' buildings.
Something about all this feels very fishy and underhanded to me...
kboish wrote:They have said they will try to purchase the Park Plaza building or make a parking agreement with whomever eventually buys it. It is of note that when the council declined to puts these on the historic register several mentioned they expect this project not to be back asking for incentives because they would find it difficult to approve any. But, I also see these getting knocked down by summer and then sitting for 3-4 years vacant... so we'll see who is still even on the council and just how long of a memory they have.
kboish wrote:I guess I forgot to mention the third option he stated if he was unable to utilize the Park Plaza building through purchase or agreement. He said they would have to build a parking garage below the surface because there is no room to put one above ground and get the number of units he suggests he wants. If this is the direction he must go, I'd say they would definitely go back before the council for incentives- making the case they tried option A and B, but couldn't make it work so now need incentives. It would be very interesting to see how that played out. Because this relies on purchasing a building that is not yet for sale and potentially negotiating with a new owner, it seems to me this will take some time to play out.FangKC wrote:You are probably right kboish. It could go either way. However, they would also be taking a risk taking too long to develop the site. The growing opposition to granting incentives could come into play on that site. Especially since the development wouldn't be about retaining a company, or bringing in new jobs. Opposition could also take the tact that the City doesn't need to give incentives on the Plaza.
He also mentioned that there are several plaza area developers who have known for awhile the Plaza would be put on the market and have been waiting to see how that would shake out before moving forward with any plans. Based on how he spoke about it, he seemed very confident with direction of the plaza (not that everyone will like it, but that developers will). Specifically he said, "things are gonna change on the plaza". I recommend to anyone who is interested in hearing some highly detailed discussion related to plaza development to go online and watch the PZE committee hearing testimony from the Price Brothers and their attorney. Its 2-3 hours long, but pretty interesting.