KCRag Forum

Yeah, this build out looks really weird. not impressed at all

This project seems to be taking along time to build

Does anyone have any news on this? It looks finished on the outside but haven't seen much going on the last few months. The weeds and what not look overgrown

I think Price Management Company ran out of money. They have most of their unbuilt properties for sale for $18,599,000. I wouldn't be surprised to see the properties at 4728-34 Summit and at 45th and Wornall go up for sale next. It also wouldn't surprise me if this project (West Plaza Flats) was quietly being marketed to some multi-family companies in an off-market sale.

I feel strongly that all of these are extremely overvalued for what you get. If all were developed as multi-family though, it would be huge win and potentially deliver well over a thousand new residential units. Competent land owners/developers need to buy these properties and develop them

46th and Walnut: $4 Million
https://www.loopnet.com/Listing/46th-Wa ... /29036678/

43rd and Madison: $4 Million
https://www.loopnet.com/Listing/43rd-Ma ... /29763953/

31st and Main: $3.5 Million
https://www.loopnet.com/Listing/31st-Ma ... /29761906/

Bob Jones Shoes/1908-14 Grand: $3.5 Million
https://www.loopnet.com/Listing/1908-19 ... /29829874/

49th and Grand: $2 Million
https://www.loopnet.com/Listing/49th-Gr ... /29044381/

4445-51 Belleview: $1 Million
https://www.loopnet.com/Listing/4445-44 ... /29727044/

6100 Wilson: $599,000
https://www.loopnet.com/Listing/6100-Wi ... /29753540/

Further evidence there is a significant cash issue:

Mechanics Lien placed on the 44 Belleview property in November 2022 for an amount of 330,000 unpaid to the painters (presumably one of the last contractors doing work on the project). Equity bank in February of 2023 advanced an extra 2.5 million to the property (in addition to the previously advanced 24 million).

Of course, mechanics liens are not uncommon and future advances are very common, but when combined with the above information and the long dormant site...

6100 Wilson would be a good location for a custom furniture/cabinetry business.

There has to be a crazy story behind this project. Sitting stagnant for months on end. I've heard quite a few squatters have broken in and are living there. The floor plans are so crazy I have no idea how anyone salvages this thing. It has to be worth far less than the bank note on it.

I forgot this even existed. 4 years under construction.

CrossroadsUrbanApts wrote: ↑Wed Mar 06, 2024 5:11 pm There has to be a crazy story behind this project. Sitting stagnant for months on end. I've heard quite a few squatters have broken in and are living there. The floor plans are so crazy I have no idea how anyone salvages this thing. It has to be worth far less than the bank note on it.

The Doug Price special. Why else is he selling all of his properties?

Of course, everything he put on the market is listed at twice what they are worth. This is going to be a long-drawn out process, I fear.

If I were to guess, I imagine the issue with West Plaza and other Price projects is financing and perhaps cash-flow problems.

CrossroadsUrbanApts wrote: ↑Wed Mar 06, 2024 5:11 pm There has to be a crazy story behind this project. Sitting stagnant for months on end. I've heard quite a few squatters have broken in and are living there. The floor plans are so crazy I have no idea how anyone salvages this thing. It has to be worth far less than the bank note on it.

So now they have a van with that says "Security" on the side of it. Parked in the same spot for weeks, nobody ever in it, and just the other evening someone tried to steal a Kia about 50 ft. away.

Got an email the other day. The property is now being marketed for sale. Sale price not disclosed. A student housing developer, or a company that specializes in co-living, are the best options to purchase this because it was designed for co-living.

Just saw the story in KC Business.


Any idea how long it usually takes to find a buyer?

Every project different, could be days or years. Buyers will have to do some due diligence and put together financing.

CrossroadsUrbanApts wrote: ↑Wed Mar 06, 2024 5:11 pm There has to be a crazy story behind this project. Sitting stagnant for months on end. I've heard quite a few squatters have broken in and are living there. The floor plans are so crazy I have no idea how anyone salvages this thing. It has to be worth far less than the bank note on it.

I didn’t have numbers on the distress before but what a mess.

The project was completed with an all in cost of over $40,000,000 and has been sitting vacant. Current ownership doesn’t have the capacity, desire, or resources to lease up the property.

A plethora of things went wrong with this project. Here’s an example: When the developer was originally planning the units, they intended on having 2 fridges in kitchen for every unit. They measured wrong, and now every single unit has an awkward gap in the kitchen. See photos below.

The loan (~$29,000,000) matures soon and the current ownership is looking to sell the property vacant, ASAP.

https://x.com/kcmolzer/status/178748965 ... ncU5iHr37Q