KCRag Forum

Apologies if this has been posted. Coudn't find it mentioned, and couldn't find the right topic, but this massive site had a call for offers that was due 12/11/20.

http://login.mail.rms-media.net/editor_ ... %20res.pdf

I guess I always thought this would remain a car dealership... The site has excellent potential!

Great news. Does the dealership own the building now?

I am tempted to say yes, but not 100% positive. Ownership is Seattle Realty LLC out of Hutchinson, KS.

This used to be Conklin Fangman which was a Salina and Hutchinson Kansas dealership originally, I believe.

This is great! My pops bought his OG GMC Suburban from this dealer when it was "Sunnyhill Motors" back in 1993.

It looks like GM originally tried to close this dealer in 2010 post-restructuring, but they fought and stayed open. BizJournal reports it was (at that time) the only new car dealer in the Downtown area, and I think that is still true as far as I know.
https://www.bizjournals.com/kansascity/ ... opens.html

Recently, Cadillac requested dealers upgrade their sales and service offerings to transition to an EV lineup or accept a $500k buyout. Would not be surprised if this dealer took the buyout and sold while the getting is good.
https://www.cnbc.com/2020/12/04/about-1 ... n-evs.html

Also, looks like its leased per the info included in the link.

LEASE ABSTRACT
Tenant MainStreet BCG, LLC
Lease Commencement Date 9/1/2020
Lease Expiration Date 8/31/2022
Term Remaining 2 years
Lease Type NNN
Landlord Responsibilities Roof & Structure
Annual Rent $360,000
Extension Options Three, one-year each
Extension Notice Period 90 days

Great news. Pieces falling into place for the anticipated Midtown streetcar induced boom.

Even putting something up for sale means little. They could demand an unreasonable price and not sell for ten years,

And if it does, a sale doesn't mean a building goes up on the property.

Remember the first rule of capitalism. Property ownership gives the right to not do something with your property.

A car dealership could buy it. It already has all the facilities needed, would be a cheap way to enter the market. A new owner might decide it's super profitable to put up pad sites.

A company that only runs parking could buy it to provide park and ride services into downtown.

With how many lots aren't built on after someone buys them, odds aren't good it's developed in the next ten years. it's certainly not zero. Who buys it will determine the odds, not the fact that it's up for sale.

With how much of downtown is parking today, I wouldn't take a bet against it becoming paid parking and take some business for people coming into downtown from eastern JoCo (think of how many people park at Union Station for the streetcar)

I would expect apartments before pad sites given the likely sale price.

The dealership changed hands back in September.

While remaining Xroads lots along Main are used for parking that some owners are reluctant to lose, the Midtown lots along Main not so much, so more likely taken out of equation. However Midtown line values will continue to go up as streetcar opening gets closer.

Any indication who acquired this lot in Sept, as in who they are? A developer, squatter or flipper?

I don't know who owns the lot but we started our lease process with Cogman and ended with Main Street.

In related news I now have three hard enquiries for one car on my credit report.

alejandro46 wrote: ↑Thu Jan 07, 2021 3:08 pm Also, looks like its leased per the info included in the link.

LEASE ABSTRACT
Tenant MainStreet BCG, LLC
Lease Commencement Date 9/1/2020
Lease Expiration Date 8/31/2022
Term Remaining 2 years
Lease Type NNN
Landlord Responsibilities Roof & Structure
Annual Rent $360,000
Extension Options Three, one-year each
Extension Notice Period 90 days

That pretty much guarantees no development for 5 years. Right?

normalthings wrote: ↑Thu Jan 07, 2021 9:53 pm

alejandro46 wrote: ↑Thu Jan 07, 2021 3:08 pm Also, looks like its leased per the info included in the link.

LEASE ABSTRACT
Tenant MainStreet BCG, LLC
Lease Commencement Date 9/1/2020
Lease Expiration Date 8/31/2022
Term Remaining 2 years
Lease Type NNN
Landlord Responsibilities Roof & Structure
Annual Rent $360,000
Extension Options Three, one-year each
Extension Notice Period 90 days

That pretty much guarantees no development for 5 years. Right?

Possibly, but it depends on what the lease says. They may be mutual options (although that probably would have been called out), or there could be a termination or opt out clause for a fee of some kind.

normalthings wrote: ↑Thu Jan 07, 2021 9:53 pm
That pretty much guarantees no development for 5 years. Right?

I've heard that there was a push by a developer to buy of the entire block including the funeral home and huge parking for a large development. I haven't seen any change in ownership in any of the properties besides the car lot though so perhaps it was just rumor. Of course, if you wanted to buy a large plot of several properties, you wouldn't want anyone to know it was happening.

Behind the dealership is a USPS site I think. maybe a garage where they work on the trucks? Not sure but I know it's USPS. Not sure that will put a wrinkle in the overall development opportunities. I'd be more curious to see what Happens to the building and land that occupies the NW corner of 31st & Main. I think there is empy building & lot there for sale. That would be a prime piece as there is development all around it

This mostly encompasses all of the old Pla-Mor site.

dukuboy1 wrote: ↑Fri Jan 08, 2021 3:42 pm Behind the dealership is a USPS site I think. maybe a garage where they work on the trucks? Not sure but I know it's USPS. Not sure that will put a wrinkle in the overall development opportunities. I'd be more curious to see what Happens to the building and land that occupies the NW corner of 31st & Main. I think there is empy building & lot there for sale. That would be a prime piece as there is development all around it

Price Brothers bought it.

This property was Major Cadillac for decades -- the Major family had a trophy house on Ward Parkway, and their son paid tuition and was in my class at SME, when cross-border tuition was still allowed (in the 1980s). I think that the Major family bought out the Greenlease dealership (although different locations) after the kidnapping and murder of little Bobby Greenlease back in the 1950s. The area north of Union Cemetery was the original "auto mile," where all the car dealerships were located. Major's location on Main Street was seen as a step up from that area, and of course Crown Center happened.

Cadillac lost control of the US luxury segment in the 1980s, and the rest is history. Just a few decades ago, Cadillac outsold Lincoln something like 3:1, and only eccentrics drove European cars.

Coverage: https://cityscenekc.com/big-development ... ts-market/

normalthings wrote: ↑Fri Jan 08, 2021 7:45 pm

dukuboy1 wrote: ↑Fri Jan 08, 2021 3:42 pm Behind the dealership is a USPS site I think. maybe a garage where they work on the trucks? Not sure but I know it's USPS. Not sure that will put a wrinkle in the overall development opportunities. I'd be more curious to see what Happens to the building and land that occupies the NW corner of 31st & Main. I think there is empy building & lot there for sale. That would be a prime piece as there is development all around it

Price Brothers bought it.

City & County both show ownership as US Postal Service. Maybe PB a recent transaction? Jackco lags about 30 days.

zonk wrote: ↑Wed Jan 13, 2021 12:38 pm

normalthings wrote: ↑Fri Jan 08, 2021 7:45 pm

dukuboy1 wrote: ↑Fri Jan 08, 2021 3:42 pm Behind the dealership is a USPS site I think. maybe a garage where they work on the trucks? Not sure but I know it's USPS. Not sure that will put a wrinkle in the overall development opportunities. I'd be more curious to see what Happens to the building and land that occupies the NW corner of 31st & Main. I think there is empy building & lot there for sale. That would be a prime piece as there is development all around it

Price Brothers bought it.

City & County both show ownership as US Postal Service. Maybe PB a recent transaction? Jackco lags about 30 days.

My bad. Price Brothers bought the north east corner. Northwestern corner could be exciting if that exciting garage is utilized in a new development.