OFFICIAL - Reverb (1800 Walnut)

Issues concerning Downtown as described by the Downtown Council. River to 31st Street, I-35 to Bruce R. Watkins.
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normalthings
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Re: OFFICIAL - Reverb (1800 Walnut)

Post by normalthings »

DaveKCMO wrote: Mon Jul 19, 2021 9:54 pm
Riverite wrote: Mon Jul 19, 2021 2:24 pm Is copaken open to another high rise in the crossroads once this is leased up?
I don't think they own anything else in the Crossroads, so probably not. Remember that Arterrra was reconstituted from a pre-recession (condo?) project. Do you think they would pay current Crossroads land prices for another multifamily or office project? Perhaps they would if they had an investor or partner like Reverb (Burns & Mac) or Corrigan (3D).

We really should focus on getting Price Bros. to develop that vacant lot at 19th & Grand, which they apparently paid $132 psf for -- a new Crossroads record.
That’s around what the land for the Hampton Inn went for. Copaken’s partner in Arterra, Altus, is reportedly disappointed in the project/market.

Price Brothers had a large development plan described in one of 3D’s brochures.
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Re: OFFICIAL - Reverb (1800 Walnut)

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75% leased
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Re: OFFICIAL - Reverb (1800 Walnut)

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DaveKCMO wrote: Mon Jul 19, 2021 9:54 pm
Riverite wrote: Mon Jul 19, 2021 2:24 pm Is copaken open to another high rise in the crossroads once this is leased up?
I don't think they own anything else in the Crossroads, so probably not. Remember that Arterrra was reconstituted from a pre-recession (condo?) project. Do you think they would pay current Crossroads land prices for another multifamily or office project? Perhaps they would if they had an investor or partner like Reverb (Burns & Mac) or Corrigan (3D).

We really should focus on getting Price Bros. to develop that vacant lot at 19th & Grand, which they apparently paid $132 psf for -- a new Crossroads record.
They own that one new garage designed for vertical construction above it
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Re: OFFICIAL - Reverb (1800 Walnut)

Post by Anthony_Hugo98 »

normalthings wrote: Tue Jul 27, 2021 10:03 pm 75% leased
Are they still offering the incentives for new residents?
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Re: OFFICIAL - Reverb (1800 Walnut)

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normalthings wrote: Tue Jul 27, 2021 10:03 pm 75% leased
78% leased
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Re: OFFICIAL - Reverb (1800 Walnut)

Post by normalthings »

86.4% leased
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Re: OFFICIAL - Reverb (1800 Walnut)

Post by Riverite »

normalthings wrote: Sun Sep 19, 2021 1:04 pm 86.4% leased
Would love to see a similar sized building on the other side of walnut replacing that parking lot and potentially the community America building
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Re: OFFICIAL - Reverb (1800 Walnut)

Post by normalthings »

Riverite wrote: Sun Sep 19, 2021 1:11 pm
normalthings wrote: Sun Sep 19, 2021 1:04 pm 86.4% leased
Would love to see a similar sized building on the other side of walnut replacing that parking lot and potentially the community America building
The financial success of Reverb might be a little questionable. Didn't they cut rents AND offer concessions
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Re: OFFICIAL - Reverb (1800 Walnut)

Post by wahoowa »

the mercury room is charging rent for two cocktails so i'm sure it evens out just fine!
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Re: OFFICIAL - Reverb (1800 Walnut)

Post by Anthony_Hugo98 »

wahoowa wrote: Sun Sep 19, 2021 3:22 pm the mercury room is charging rent for two cocktails so i'm sure it evens out just fine!
That’s no joke! $60 for my wife and I when we went, and we only had 2 drinks
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Re: OFFICIAL - Reverb (1800 Walnut)

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normalthings wrote: Sun Sep 19, 2021 1:04 pm 86.4% leased
90% leased. Took a long time and alot of concessions.
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Re: OFFICIAL - Reverb (1800 Walnut)

Post by Anthony_Hugo98 »

normalthings wrote: Thu Oct 28, 2021 3:15 am
normalthings wrote: Sun Sep 19, 2021 1:04 pm 86.4% leased
90% leased. Took a long time and alot of concessions.
At least it showed it could be done, and it isn’t impossible to have few amenities attached. Within the next 5 years I imagine we’ll start to see a few more of these types pop up
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Re: OFFICIAL - Reverb (1800 Walnut)

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Anthony_Hugo98 wrote: Thu Oct 28, 2021 10:52 am
normalthings wrote: Thu Oct 28, 2021 3:15 am
normalthings wrote: Sun Sep 19, 2021 1:04 pm 86.4% leased
90% leased. Took a long time and alot of concessions.
At least it showed it could be done, and it isn’t impossible to have few amenities attached. Within the next 5 years I imagine we’ll start to see a few more of these types pop up
Not with incentives going away. This project filled up because they lowered effective rent.
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Re: OFFICIAL - Reverb (1800 Walnut)

Post by normalthings »

normalthings wrote: Thu Oct 28, 2021 3:15 am
normalthings wrote: Sun Sep 19, 2021 1:04 pm 86.4% leased
90% leased. Took a long time and alot of concessions.
9 open. 93% leased
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Chris Stritzel
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Re: OFFICIAL - Reverb (1800 Walnut)

Post by Chris Stritzel »

Honestly, I didn’t think it would get to this percentage so quickly, if ever. Shows there’s demand for more buildings of similar scale.
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Re: OFFICIAL - Reverb (1800 Walnut)

Post by WoodDraw »

Chris Stritzel wrote: Mon Nov 22, 2021 4:42 pm Honestly, I didn’t think it would get to this percentage so quickly, if ever. Shows there’s demand for more buildings of similar scale.
They gave a lot away. When I reached out to them when they were starting to lease, their offer was waived application fee.

I know they eventually went to two months off, and I think they adjusted rent prices as well.

Covid and a lot of places opening at once didn’t help, but I would be surprised if copaken runs down this road again soon.
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Re: OFFICIAL - Reverb (1800 Walnut)

Post by earthling »

^Central KC absorption has been pretty good considering how many units added over last couple years.

Unfortunately this doesn't break out downtown...
viewtopic.php?p=630733#p630733
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Chris Stritzel
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Re: OFFICIAL - Reverb (1800 Walnut)

Post by Chris Stritzel »

normalthings wrote: Mon Nov 22, 2021 4:12 pm
normalthings wrote: Thu Oct 28, 2021 3:15 am
normalthings wrote: Sun Sep 19, 2021 1:04 pm 86.4% leased
90% leased. Took a long time and alot of concessions.
9 open. 93% leased
10 units available according to their website. They're offering one free month free if you sign a 13-month lease. I'm still surprised that it got to this percentage and, as I said a few posts back, it proves that there is still demand for buildings of this scale, but I'll also add price point.
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Re: OFFICIAL - Reverb (1800 Walnut)

Post by beautyfromashes »

Looking through this threat because I thought I remember there being a proposal for a phase 2 for Reverb. Did I hear that on here or somewhere else?
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Re: OFFICIAL - Reverb (1800 Walnut)

Post by Chris Stritzel »

I really like how this stands out among the 3 new buildings built on Main Street in the past few years (City Club, Corrigan 2, Reverb).
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