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  #1  
Old Posted Oct 28, 2013, 1:37 AM
d'trolley d'trolley is offline
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KANSAS CITY | One Light | 25 Stories | 300 FT

Cordish Co. plans to break ground in December on larger downtown apartment tower
August 13th
Written by Kevin Collison of the Kansas City Star

"The plans for the tallest residential tower ever built from scratch in the heart of downtown Kansas City are getting even taller, gaining two floors and 61 apartments. The revised proposal, presented by the Cordish Co., calls for a 25-story, 311-unit apartment building at 13th and Walnut streets in the Kansas City Power & Light District."

Read more here: http://www.kansascity.com/2013/08/13...#storylink=cpy


This certainly isn't the best available rendering, so for more renderings you can check out the architect's website at:
http://www.humphreys.com/portfolio/one-light-tower/

This is big news for Kansas City. The tallest residential building ever built in downtown Kansas City (note: built for residential, as 909 Walnut is currently residential and taller but was built originally for offices). This building, which breaks ground in December, will bring 311 more units to downtown. We are currently in the midst of a residential boom that will bring several thousand new units to downtown over the next couple years, and it is finally starting to come in the form of new construction as the last of our vacant old office buildings have plans to be renovated.

The best part of this project is that it is being built on a very small lot, on the corner of a block that is already completely built upon. Parking will be had in the garage next door to the building, so no new parking is needed. This will add a lot of density to an important block in the middle of the business district.

Here is a view of the current lot as it stands:
https://maps.google.com/maps?q=13th+and+Walnut,+Kansas+City,+MO&layer=c&sll=39.098572,-94.582148&cbp=13,319.92,,0,-2.65&cbll=39.09857,-94.582102&hl=en&ie=UTF8&hq=&hnear=E+13th+St&ll=39.098638,-94.582144&spn=0.00189,0.002642&t=h&z=19&vpsrc=0&panoid=Em4tMi7w1FzW6yqCKtd2DA

There are also 3 other similar residential buildings planned for the southern edge of the Power & Light District if these apartments sell, which should be no problem saying as rental occupancy downtown is over 98% right now. We really need more options for housing downtown as it is currently almost impossible to find an apartment without first being put on a waiting list.
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  #2  
Old Posted Oct 28, 2013, 6:16 AM
TallBob TallBob is offline
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Good for KC! Been a while since something got built DT.
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  #3  
Old Posted Oct 28, 2013, 2:51 PM
Onn Onn is offline
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Wow, very nice! Exciting to see Kansas City getting in on some of the action!
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  #4  
Old Posted Oct 28, 2013, 5:18 PM
Flyers2001 Flyers2001 is offline
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That's a nice location for a young professional type. When I visited KC I was very impressed with the "power and Light" district.
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  #5  
Old Posted Oct 28, 2013, 7:06 PM
summersm343 summersm343 is offline
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Very nice KC.

Beautiful tower. Great location.
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  #6  
Old Posted Oct 29, 2013, 9:55 PM
d'trolley d'trolley is offline
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Originally Posted by Flyers2001 View Post
That's a nice location for a young professional type. When I visited KC I was very impressed with the "power and Light" district.
Yes that is definitely the target market, and this spot offers many things a young professional could want. This building should be complete in 2015 according to plans, which is around the time that our first streetcar line should be complete only a block away. The streetcar will definitely be a big selling point, especially once the expansion leads the line into midtown and the Plaza.

As for Power and Light, not really my thing but a lot of people certainly like it. There are a few places that are cool like Bristol, Kill Devil, and Flying Saucer, but most of the places are so lame! I'm just happy that it has helped change the perception of downtown and lead to other, better businesses moving in. There is no way we would be having a 25 story tower being built if it weren't for Power and Light.
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  #7  
Old Posted Jan 6, 2014, 1:43 AM
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TexasRE TexasRE is offline
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Nice looking tower & the economics of this looks workable. KC could use an excellent development like this. It's a great city, often over-looked. Best BBQ is the world here!
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  #8  
Old Posted Apr 1, 2014, 9:55 PM
kjwill89 kjwill89 is offline
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Talking Apparent ground-breaking beginning on April 14th

Here's an article suggesting the ground-breaking to begin on the 14, about two weeks away. There are some more concept pictures included.


http://www.kansascity.com/2014/03/14...dbreaking.html
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  #9  
Old Posted Apr 1, 2014, 10:02 PM
guesswho guesswho is offline
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Originally Posted by kjwill89 View Post
Here's an article suggesting the ground-breaking to begin on the 14, about two weeks away. There are some more concept pictures included.


http://www.kansascity.com/2014/03/14...dbreaking.html
Hopefully this leases up to around 95% in six months or less....seeing as it has virtually no competition....

I've been offered the occasional job in KC and I've never felt compelled to move seeing as the downtown is so lacking in urban necessities, so hopefully this helps spur that along.....I'd have to tour the finished product first, of course, but seeing what they are planning here, I'd move here in a heartbeat if I were propositioned to move to KC again.

And while $1.70 (max rent in this tower) may seem like a lot for KC, out of towners like me (from Chicago) will swoon to rent here as we're paying $3.50+/sq ft for a similar product.
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  #10  
Old Posted Apr 1, 2014, 10:07 PM
LouisVanDerWright LouisVanDerWright is offline
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Originally Posted by guesswho View Post
And while $1.70 (max rent in this tower) may seem like a lot for KC, out of towners like me (from Chicago) will swoon to rent here as we're paying $3.50+/sq ft for a similar product.
!?!?!?

Really? How on earth can they make the numbers work at that rate? Did they get the land for free or something? You can't make a new construction highrise in Chicago go for anything less than $2.50/SF AVERAGE or the returns just don't cover costs. Are construction costs significantly lower in KCMO?

Awesome to see a big project like this for KC, one of my favorite midwestern cities.
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  #11  
Old Posted Apr 1, 2014, 10:19 PM
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Originally Posted by LouisVanDerWright View Post
!?!?!?

Really? How on earth can they make the numbers work at that rate? Did they get the land for free or something? You can't make a new construction highrise in Chicago go for anything less than $2.50/SF AVERAGE or the returns just don't cover costs. Are construction costs significantly lower in KCMO?

Awesome to see a big project like this for KC, one of my favorite midwestern cities.
"The $79.2 million project is receiving substantial help from the city, a $7.5 million cash subsidy. In addition, Cordish will receive a 25-year, 100 percent property tax abatement for the project valued at $2.87 million." Yes, construction costs are lower, and land prices are significantly lower than Chicago (of course), STL, and maybe even Milwaukee/Indianapolis.

So a $79MM project drops down to ~$69.5MM....I'm sure any Chicago developer would have a field day with a 15% decrease in construction costs, essentially as a free pass.

The max rent here might even be as low as $1.60 depending on (slow?) leasing velocity, construction costs under budget?, etc.....

And KC is desperate for downtown development, as they are far lagging behind STL in my opinion, even with the Sprint Center/P&L District....so I wouldn't be surprised if the next two or three apartment (doubt they could sustain condo development on the scale) would receive similar if not larger public subsidies.

I'm excited for KC with this one! Can't believe it will have been 40 years since a new residential high rise was built in KC by the time this one is done!
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  #12  
Old Posted Apr 4, 2014, 1:30 AM
d'trolley d'trolley is offline
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Yea construction and land costs are very cheap here. At $1.70 a sq. ft. this is like as expensive as rent gets here. Seriously, most decent 1 bedroom apartments in solid urban neighborhoods in KC cost 6 or $700, and that can get you as much as a 1000 sq. feet. I used to live in a sweet 2 bedroom colonnade that was probably about 7 or 800 sq. ft. in one of our coolest, funkiest urban neighborhoods and get this, it only cost $550 a month to rent!

As for Kansas City being desperate for downtown development, not really any more. I mean we definitely need to continue having new developments, but our downtown is doing way, way better than it was. You worry about urban necessities, well at the base of this tower you have one of the best grocery stores in the city. It is a great urban market. If you haven't been to downtown KC the last year or two, then it has changed a lot. And in the next 2 years it is going to be at least twice as different. This last year has seen so many new developments pop up downtown. We are getting to the point where tax breaks are less and less needed. I guarantee you that this building will lease out in no time at all. Downtown rental occupancy is at 98% if I'm correct, so we need lots of new apartments.

Luckily, as long as things go as planned, the Power and Light building (old classic skyscraper not related to the Power and Light District) just got plans yesterday to turn it into luxury apartments in the same price range as One Light. This would hit the market around the same time, along with probably another 1-2000 new units about to break ground in the CBD. Even with all of these new apartments, I have no concern about there being too many. Downtown is growing at such a rate that these units coming online will just further push the demand. Not to mention our starter streetcar line will be running by then. There are already new apartment buildings being planned on vacant lots and parking lots along the future line, mostly because of the streetcar. We have developers from the coasts starting to jump into the mix because they see the potential of the streetcar (and yet somehow we still have some dolts that are against the streetcar ).

Here is the One Light building's website: http://onelightkc.com/. Check out those views! Floor to ceiling windows, yea this place will rent out quickly. There just isn't another place like this in downtown KC.

The construction site has been blocked off as of about a week ago, so it is finally almost that time. Can't believe it has taken this long to get going! I will be sure to keep an update every once in awhile, with pictures included no doubt.
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  #13  
Old Posted Apr 4, 2014, 1:44 AM
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Great looking building! Love love LOVE seeing new highrises all over the Midwest, especially residential towers. Congrats KC!!
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  #14  
Old Posted Apr 4, 2014, 1:56 AM
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KCMO is definitely is on my bucket list to visit. At one time I was planning on moving to KCMO. The job market at that time was not cooperating with my plans. Everyone I have met that has been or is from KCMO has nothing but great reviews.

Getting back to topic, I am looking forward for this development to jump-start additional highrise developments within the Downtown area. Perhaps even taller than this project.
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  #15  
Old Posted Apr 4, 2014, 2:32 AM
guesswho guesswho is offline
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Quote:
Originally Posted by d'trolley View Post
As for Kansas City being desperate for downtown development, not really any more. I mean we definitely need to continue having new developments, but our downtown is doing way, way better than it was.

The construction site has been blocked off as of about a week ago, so it is finally almost that time. Can't believe it has taken this long to get going! I will be sure to keep an update every once in awhile, with pictures included no doubt.
What I meant by "desperate" is the fact that a new residential high rise has not been built in downtown KC (not counting Country Club Plaza) in almost 40 years.

And yes, any updates you post would be much appreciated!

Last edited by guesswho; Apr 4, 2014 at 2:57 AM.
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  #16  
Old Posted Apr 5, 2014, 8:14 PM
s.davis s.davis is offline
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Originally Posted by guesswho View Post
"

And KC is desperate for downtown development, as they are far lagging behind STL in my opinion
I don't think downtown (or urban core) development in KC is lagging behind St Louis in the slightest. Seems like a lot of things are going on right now in both places. And as far as downtowns go, KC generally seems more developed than downtown St Louis in terms of its neighborhood potential and activity level.
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  #17  
Old Posted Apr 5, 2014, 10:17 PM
guesswho guesswho is offline
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Originally Posted by s.davis View Post
I don't think downtown (or urban core) development in KC is lagging behind St Louis in the slightest. Seems like a lot of things are going on right now in both places. And as far as downtowns go, KC generally seems more developed than downtown St Louis in terms of its neighborhood potential and activity level.
See my above post. I meant that new (1990's - 2010's) residential high rise development in general in KC far lags that of STL.

In STL:

1- the (formerly) Roberts Tower (25 floors) just opened downtown
2- the Central West End saw the opening of the Park East Tower (26 floors)
3- 4545 Lindell (12 floors)
4- downtown Clayton boomed in the 1990's/2000's with residential high rises like the Plaza (30 floors)
5- Clayton on the Park (23 floors)
6- Maryland Walk (17 floors)

7- And while not residential, STL also saw the opening of the Four Seasons (19 floors)
8- Ritz Carlton (18 floors)
9- AmeriStar (21 floors)

In the same time period (1990's - 2010's) all of metro KC (including the Plaza area where most residential high rises are located) add only:

1- 4646 Broadway (13 floors)
2- Kingwood Circle (13 floors).

**If I am missing any please correct me**

3- AmeriStar Hotel (12 floors)
4- Sheraton Overland Park (23 floors), were added in the 1990's - 2010's.

All data taken from Emporis.

STL completed 6 residential high rises with a combined height of 133 floors

KC completed 2 residential high rises with a combined height of 26 floors (not counting floor space or units here, just impact to the skyline)

Again, not to play the city vs. city game, but for one to say that STL has not completed more residential high rise projects than KC form 1990-current just isn't the case. Hence, my comment that KC lagged behind STL in new residential high rise construction, but now appears to be gaining traction which is great for KC.

And I totally agree with you that downtown KC seems more like a neighborhood I'd actually want to live in than downtown STL, especially since I like Cosentino's Market (Price Chopper) in KC better than Culinaria (Schnucks) in STL, and the fact that downtown KC doesn't seems as dark and downtrodden as STL has the tendency to do sometimes.

Last edited by guesswho; Apr 7, 2014 at 1:23 PM.
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  #18  
Old Posted Apr 6, 2014, 3:04 PM
s.davis s.davis is offline
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See my above post. I meant that new (1990's - 2010's) residential high rise development in general in KC far lags that of STL.
Got it.
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  #19  
Old Posted Apr 6, 2014, 6:00 PM
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It's nice to see this project finally start construction.
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  #20  
Old Posted Apr 8, 2014, 3:55 AM
guesswho guesswho is offline
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Dedicated KC Thread

Someone in KC should start a KC thread for the City Compilations page......KC is the only Midwest city without one!

I'm sure there are plenty of other projects ongoing in KC (I know of the Park Place development in Leawood, the new IKEA, Mission Farms expansion in Leawood, Overland Park retail/residential projects south of 135th St., general changes in the Country Club Plaza, P&L District enhancements, etc.).

It would be great to track their progress on here!
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