Burger King - Midtown Sites

[KCMHGuy]

Does anyone have any idea what's going on with the various vacant Burger Kings sites throughout KCMO? I'm specifically thinking about Main & Armor, Troost & Cleaver, and the Wornall & Gregory sites - the latter of which seems to have been vacant for years now?

I assume the owner is a regional franchisee and doesn't have any near-term plans for them, but is there a broader story here?

[Chris Stritzel]

Apparently the Burger King at Main and Armour is listed "for lease".
https://elevatepropertyadvisors.com/pro ... i-64111-0/

As is the former Burger King on 72nd Street in Waldo, Olathe on Santa Fe, and Blue Springs on Woods Chapel Road.

[kcjak]

I read where corporate is requiring upgrades to all BKs that aren't 'new,' similar to what McD's and Wendy's have gone through over the past 4-5 years. I would imagine that the Midtown, Troost and Wornall sites would've been almost cheaper to tear down and start over they were so bad. Maybe the franchisee didn't want to make that investment?

[smh]

Have always assumed that MAC would jump at the chance to own the Main/Armour BK parcel. Curious if there is any movement there.

[CrossroadsUrbanApts]

Part of the issue seems to be the owner of the Burger King parcels (at least in Midtown and in Waldo) wants to ground lease them instead of selling them. To me, that's a non-starter in today's difficult financing market. Plus the sites are on the smaller side where you'd be looking at 50-80 apartments, and without incentives those projects just don't work today. Now if the City Council fixes incentive policy (LCRA & PIEA) to remove the required affordable set aside and allow for 75% abatement, you might see something.

[herrfrank]

These parcels may also have deed restrictions (covenants) preventing certain uses. Like no food or beverage sales (so to protect the current owner from competition). That happened to a commercial property I helped to sell at 39th/ B'way -- it had briefly in the 1970s had a 7-11 with corporate ownership, and they had memorialized into the deed that no future owner could sell tobacco, gasoline, or any alcoholic beverages. We complained to the city council and mayor, but they did not seem interested in removing old covenant language, despite it being a hot topic.

We had to write a significant check to 7-11 corporate to allow a beverage exemption -- only valid for this buyer. Meaning all covenants are retained for future buyers (and possibly more checks to their "Legacy Property Receivables Department."

[alejandro46]

Why would anybody do a 'ground lease' in KC is confusing and doesn't seem to align with our market. I am not an expert, but it's not a deal I would recommend and seems like a seller who doesn't really want to sell. Too many variables and unknowns.

For example, the parcel on Southwest Trafficway and 33rd St. directly south of MCC (3329 Summit St & 3320 Jefferson St), owned by Kansas City Life Ins Co. per Compass, has had a "For Lease" JLL sign out front for as long as I can remember and it's still a vacant lot...

[FangKC]

I guess a ground lease would work if you were selling tacos out of a trailer.