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Re: AT&T Building Renovation, 8th Street and Locust
Posted: Tue Aug 09, 2022 11:41 pm
by FangKC
There is a surface parking lot being advertised for sale across Admiral east of Oak that could handle a large building with a lot of underground parking because of the grade. I wish some of the AT&T parking would be used for the federal courthouse so that we could redevelop at least part of the large parking lot they have at 9th and Oak. Maybe the Ozark National Life Insurance employees would park in the AT&T garage and that would free up their remaining lot at 9th and Cherry for redevelopment.
Re: AT&T Building Renovation, 8th Street and Locust
Posted: Wed Aug 17, 2022 12:59 pm
by KCtoBrooklyn
There are some renderings (I'm guessing just conceptual) along with the listing for that surface lot:
Also of note is that the marketing mentions the potential Royals stadium.
Newmark Zimmer Midwest Capital Markets is pleased to present the opportunity to acquire 500 Admiral Boulevard (The Property), a 0.86 acre land site ripe for development in Downtown Kansas City.
Current ownership has successfully applied for 100% tax abatement for 10 years and 50% abatement for 15 years prior to the Kansas City incentive policy changes that now require a certain percentage of affordable housing in all projects going forward. This application gives developers a significant advantage to the market. The Property’s strategic location is positioned to take advantage of a potential future new Kansas City Royals Ballpark in the East Village.
500 Admiral Blvd has the potential to accommodate a multi-story 250 +/- multifamily unit project on site. Located in the Paseo West Opportunity Zone, the Property allows investors the potential to take advantage of tax shelters and further enhance returns.
Re: AT&T Building Renovation, 8th Street and Locust
Posted: Wed Aug 17, 2022 1:42 pm
by Riverite
Would really like to see some shops and cafes in that area, great to see another building but feels isolated in that area
Re: AT&T Building Renovation, 8th Street and Locust
Posted: Wed Aug 17, 2022 2:17 pm
by KCPowercat
Definitely isolated. I've talked many a person out of that area due to isolation and HOA troubles
Re: AT&T Building Renovation, 8th Street and Locust
Posted: Wed Aug 17, 2022 2:49 pm
by moderne
It is still as isolated as when I lived at the View 15 years ago. Too long to walk to center of DT or River Market unless you want to walk for more than 15 minutes. Otherwise nothing in the hood. This parcel is where View residents are parking while garage being reconstructed. Would not be great spot for hotel for same reasons. And yes, could build garage without excavating with 3 story grade.
Re: AT&T Building Renovation, 8th Street and Locust
Posted: Wed Aug 17, 2022 9:11 pm
by taxi
"LOFT HAUS"
Re: AT&T Building Renovation, 8th Street and Locust
Posted: Thu Aug 18, 2022 5:14 am
by FangKC
If the North Loop is decommissioned, and redeveloped, that parcel would become more attractive.
Re: AT&T Building Renovation, 8th Street and Locust
Posted: Thu Aug 18, 2022 10:43 am
by moderne
Would be more attractive even if only Oak to the HOA was lowered to grade at Independence and a ped connection made from NE Loop to RM.
Re: AT&T Building Renovation, 8th Street and Locust
Posted: Thu Mar 30, 2023 7:18 am
by FangKC
D.C. developer nets new incentives to get AT&T building conversion to construction starting line
...
The city's Land Clearance for Redevelopment Authority on Tuesday extended the length and level of a property tax abatement approved a little more than a year ago for the Washington developer's conversion of AT&T Inc.'s former headquarters at 500 E. 8th St. for 263 new apartments.
Bernstein now will receive a 15-year property tax abatement, at 100% for 10 years, followed by 50% for the next five — or the same incentive ask the builder had made in March 2022. The LCRA approved a lesser 10-year abatement at 75% after some pushback from affected taxing jurisdictions.
Since then, increases in interest rates and construction costs have affected the conversion plans, as Bernstein received a guaranteed maximum price for construction about $10 million higher than its previous estimate, LCRA Executive Director Dan Moye said Tuesday. The building's adaptive reuse for apartments last year was presented as an $82.2 million project.
...
...
A third-party financial analysis completed last year by SB Friedman Development Advisors valued the new abatement at $6.1 million, up from $3 million for the reduced length and level. The change increases the project's expected return from 3% to 3.4%.
...
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The builder last year said apartment construction could follow remediation in the second or third quarter of 2023, which would allow preleasing to begin in the first or second quarter of 2024.
...
https://www.bizjournals.com/kansascity/ ... ement.html
Re: AT&T Building Renovation, 8th Street and Locust
Posted: Thu Mar 30, 2023 8:52 am
by langosta
Horrible return. You don’t attract Hines or Greystars of the world with 3% returns
Re: AT&T Building Renovation, 8th Street and Locust
Posted: Thu Mar 30, 2023 11:57 am
by FangKC
It's in an opportunity zone. There are tax benefits. They probably don't care that much about the 3.5 percent rate of return in this case.
Re: AT&T Building Renovation, 8th Street and Locust
Posted: Mon Jul 31, 2023 10:52 pm
by langosta
Demolition stage of the project is ongoing and developer plans to complete the building by late 2024
Re: AT&T Building Renovation, 8th Street and Locust
Posted: Fri Aug 11, 2023 9:13 am
by atticus23
Not sure if you guys saw this, but a man fell to his death from the 14th floor of this building. Story is behind the paywall, but for reference:
https://www.kansascity.com/news/local/a ... 29857.html
Re: AT&T Building Renovation, 8th Street and Locust
Posted: Fri Aug 11, 2023 9:39 am
by herrfrank
Additionally, he may have been working under the table (and without papers) when he died. He fell into an interior shaft, not exterior.
Since his death may not be covered by workers comp, this may complicate any activity on the building for some time -- it could be a straight liability claim, which usually requires a lawsuit. Liability adjusters (like all insurers) dislike/ refuse payment/ get litigious when owners do not have the correct coverage for a claim (which should have been a listed, legal worker under a valid workers comp policy).
Re: AT&T Building Renovation, 8th Street and Locust
Posted: Fri Aug 11, 2023 10:54 am
by moderne
When the building was occupied they must have done something to keep the pigeons off, as now most of the ledges are coated in white.
Re: AT&T Building Renovation, 8th Street and Locust
Posted: Sat Aug 12, 2023 12:05 am
by TheLastGentleman
Extremely cursed building
Re: AT&T Building Renovation, 8th Street and Locust
Posted: Sat Aug 12, 2023 4:52 pm
by moderne
Was once the centerpiece of the "new" downtown. It went in as urban renewal in old mostly low rise neighborhood with some 8 story apartments, soon followed by what is now the View and Manhattan and the other one. Hallmark even used a view of this area on a promotional ad for KC on the end of one of its"Hallmark Hall of Fame" network shows(Crown Center was just under construction then). Thats how moribund development in DT was in the seventies.
Re: AT&T Building Renovation, 8th Street and Locust
Posted: Mon Jan 22, 2024 7:18 pm
by im2kull
Any news on this?
Apparently KC Tenants opposes the project publicly now, and had opposed it during EDC meetings via Kathleen Pointer (KCPS Senior Policy Strategist), an under the radar KCT Board Member.
https://kctenants.org/about
https://twitter.com/KCTenants/status/16 ... 7568048128
Re: AT&T Building Renovation, 8th Street and Locust
Posted: Mon Jan 22, 2024 11:09 pm
by bspecht
Plenty happening, lots of permit & inspections action.
https://compasskc.kcmo.org/EnerGov_Prod ... eeb44c7d09
Bernstein website says Q2 2024.
Re: AT&T Building Renovation, 8th Street and Locust
Posted: Tue Jan 23, 2024 8:29 am
by Cratedigger
I’m not the biggest fan of KCT but does this really need to be posted on every project on this board?
I wouldn’t even call her an “under the radar KCT board member.” She has been quoted as a board member in multiple news outlets and the connection has been made on this board before. It’s not a conspiracy