KCRag Forum

While there is much to like about this building, are the high end units a bit overpriced at nearly $2 million?  I was surprised at how small this building looks up close.  And the lower level units seem to have pretty stinky views.

kccrackednut wrote: While there is much to like about this building, are the high end units a bit overpriced at nearly $2 million?  I was surprised at how small this building looks up close.  And the lower level units seem to have pretty stinky views.

Well the whole floor units are over 3,000 sq. ft. And this development is in a prime location within the city. 2 million may be a little overpriced but it will certainly be bought up in a hurry.

KansasCityCraka wrote: Well the whole floor units are over 3,000 sq. ft. And this development is in a prime location within the city. 2 million may be a little overpriced but it will certainly be bought up in a hurry.

That's not what I'm hearing from an employee of the Contractor.  This, along with the old BMA are struggling to fill up.

Could be the hotness of downtown siphoning off some residential interest in the Plaza.

MC86 wrote: That's not what I'm hearing from an employee of the Contractor.  This, along with the old BMA are struggling to fill up.

actually full floor = 3910 sf.  ranging from $1.6 to $1.95M. also 8 of 18 sold. Occupancy in mid-January.  I'm actually quite impressed with this project, great location and great product.  first class all the way, top of the line italian cabinetry, appliances, etc.  No doubt it will sell out.  Wouldn't compare to BMA, two totally different market locations and last I heard less than 10% sold and contractor currently on hold until more sales. 

I agree that there is a lot to like about the building if you're buying on the top floors, but the views aren't really a selling feature on most of the lower floors (especially facing north).  I think all the glass will take some getting used to for some folks. Why have all that glass to see a slummy structure right outside your window with so many other nice structures to see on the Plaza.  Kirkwood seems warmer and more intimate than this project, but there is a market for both I am sure.

What is less than 10% sold ? 4646 Broadway or BMA ?

http://photos.imageevent.com/kcphotos/c ... _sized.jpg

Man, it's just a matter of time before the old George W. Miller apartments (red in the middle) are swallowed up by high end condos on all sides.  Keep fighting W.

ThaMexican wrote: What is less than 10% sold ? 4646 Broadway or BMA ?

BMA

how does an employee of the contractor do the construction work have information regarding the rate of sales? I'm confused as to why that information is even relevant to a contractor. The contractor is being paid by the developer, not by the tenants. 

the rate of sales would impact how finished various units are, what options the contractor needs to install or remove, and what areas of the building are to be simple rough in as opposed to finished product.  it very much impacts the contractor's schedule if the rate of sales is slow.
on the conover lofts building, the architect and the contractor had intimate knowledge of the rate of sales so units could be customized on the fly for the tenants.  i think this is more likely in a high end project like BMA as opposed to standardized units like the metropolitan or the atriums.
Its similar to planned house construction in the burbs - there is a master plan and a certain number of unit types, like 3 or 4, and the contractor & architect works with the buyer to help sell the units by customizing them or at least altering various things if sales are going slow.  the thing is, a lot of times real estate agents will promise whatever they can to get the sale and then the builder and architect have to make changes to satisfy the contract. 

The BMA project was dumb from the beginning.  While the view North is great, there are a lot of other project with great views that are WITHIN WALKING DISTANCE OF AMMENTIES AND ATTRACTIONS.  The BMA building sits on an island by itself.  The major reason behind high rise living is to live in an urban environment within walking distance of ammenities.

tat2kc wrote: how does an employee of the contractor do the construction work have information regarding the rate of sales? I'm confused as to why that information is even relevant to a contractor. The contractor is being paid by the developer, not by the tenants. 

The contractor has communication with the owner almost daily.  It's not to tough to gather that information.

While I agree that the BMA project is pushing new frontiers, I do not think it is dumb If we have that line of thinking a lot of people could argue it is dumb to invest downtown or live downtown, it was almost dead. Also If the BMA eventually becomes a successful project it helps create synergy of the whole area. I personally hope it moves forward, I would like to see the tenants using the park that is so under used.

Most people that can afford to live in the Parkplace would choose the "gated" idea and easy access to their "cars" than a walkable environment.  They will want to drive to and park under the PAC.

It's a different market and it might take some time to fill up, but it will fill up as that market learns about the BMA tower and the lifestyle that it will offer.

I don't think the BMA condos can even be compared to anything else in town.  That will be a place where Sprint and Block and Halmark CEO's live or have a second area home vs Mission Hills or Hallbrook.

KC is finally seeing a nice, diverse choice of urban housing, the ball has yet to really get moving yet compared to other large towns. Once it does, and I think it will, this should be just the beginning of upscale urban condo towers.

One of the reasons the second tower at Alemeda was not done, was because of the difficulty in selling to that small pool of buyers in that price range who also wanted to live in a condo tower. BMA is the same way. It'll sell, but its slow. There is just not a huge pool of people with that kind of income in Kansas City who are also looking to buy in a condo tower.  It'll happen, but it may well take a few years. Which is really no big deal.

tat2kc wrote: It'll happen, but it may well take a few years. Which is really no big deal.

it's not a big deal to you and i or maybe the city as a whole, but it's a very big deal for the owner, developer, contractor, sub-contractors, and employees and creditors of all of the above.

You can see this building in the Plaza lighting photos, but this thread hasn't been touched since September!

photo update:

There's still some yellowish crap on the south side of 4646.