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Re: OFFICIAL - Reverb (1800 Walnut)
Posted: Mon Jul 19, 2021 11:50 pm
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.
Re: OFFICIAL - Reverb (1800 Walnut)
Posted: Tue Jul 27, 2021 10:03 pm
by normalthings
75% leased
Re: OFFICIAL - Reverb (1800 Walnut)
Posted: Tue Jul 27, 2021 10:04 pm
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.
They own that one new garage designed for vertical construction above it
Re: OFFICIAL - Reverb (1800 Walnut)
Posted: Wed Jul 28, 2021 7:46 am
by Anthony_Hugo98
Are they still offering the incentives for new residents?
Re: OFFICIAL - Reverb (1800 Walnut)
Posted: Tue Aug 10, 2021 10:48 pm
by normalthings
Re: OFFICIAL - Reverb (1800 Walnut)
Posted: Sun Sep 19, 2021 1:04 pm
by normalthings
86.4% leased
Re: OFFICIAL - Reverb (1800 Walnut)
Posted: Sun Sep 19, 2021 1:11 pm
by Riverite
Would love to see a similar sized building on the other side of walnut replacing that parking lot and potentially the community America building
Re: OFFICIAL - Reverb (1800 Walnut)
Posted: Sun Sep 19, 2021 1:37 pm
by normalthings
Riverite wrote: ↑Sun Sep 19, 2021 1:11 pm
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
Re: OFFICIAL - Reverb (1800 Walnut)
Posted: Sun Sep 19, 2021 3:22 pm
by wahoowa
the mercury room is charging rent for two cocktails so i'm sure it evens out just fine!
Re: OFFICIAL - Reverb (1800 Walnut)
Posted: Sun Sep 19, 2021 6:34 pm
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
Re: OFFICIAL - Reverb (1800 Walnut)
Posted: Thu Oct 28, 2021 3:15 am
by normalthings
90% leased. Took a long time and alot of concessions.
Re: OFFICIAL - Reverb (1800 Walnut)
Posted: Thu Oct 28, 2021 10:52 am
by Anthony_Hugo98
normalthings wrote: ↑Thu Oct 28, 2021 3:15 am
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
Re: OFFICIAL - Reverb (1800 Walnut)
Posted: Thu Oct 28, 2021 11:13 am
by normalthings
Anthony_Hugo98 wrote: ↑Thu Oct 28, 2021 10:52 am
normalthings wrote: ↑Thu Oct 28, 2021 3:15 am
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.
Re: OFFICIAL - Reverb (1800 Walnut)
Posted: Mon Nov 22, 2021 4:12 pm
by normalthings
normalthings wrote: ↑Thu Oct 28, 2021 3:15 am
90% leased. Took a long time and alot of concessions.
9 open. 93% leased
Re: OFFICIAL - Reverb (1800 Walnut)
Posted: Mon Nov 22, 2021 4:42 pm
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.
Re: OFFICIAL - Reverb (1800 Walnut)
Posted: Mon Nov 22, 2021 4:48 pm
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.
Re: OFFICIAL - Reverb (1800 Walnut)
Posted: Mon Nov 22, 2021 5:10 pm
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
Re: OFFICIAL - Reverb (1800 Walnut)
Posted: Mon Jan 17, 2022 10:36 pm
by Chris Stritzel
normalthings wrote: ↑Mon Nov 22, 2021 4:12 pm
normalthings wrote: ↑Thu Oct 28, 2021 3:15 am
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.
Re: OFFICIAL - Reverb (1800 Walnut)
Posted: Wed Jan 19, 2022 11:30 pm
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?
Re: OFFICIAL - Reverb (1800 Walnut)
Posted: Fri Jun 10, 2022 10:25 pm
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).
