I’m undecided on renegotiating. I agree that things have changed. However, we shouldn’t reneg promises made to a firm that took such a great risk on us.
$17 million in incentives for a $130 million project(3 Light) is certainly a lower incentive level that Ballpark Village 2
BPV Phase 2 included a lot more than one garage and some apartments, not at all an equal comparison LOL. I still have some friends that work for KCMO, maybe I'll see if they can get me a total of how much the city has spent on P&L. Decades of $15 million in debt payments every year, plus subsidies for One and Two Light and an additional $17 million for Three Light. On top of all that remember the Strata developers have asked for $63 million in incentives thus far for that office tower. That nearly equals the incentives for a residential tower, office building, hotel and retail structure included in BPV Phase II. Oh, and the City of St. Louis didn't guarantee the bonds so they're not on the hook.
I don't agree with the giveaways KC has been doling out, especially as of late considering things seem to be going well here, and I'd bet the vast majority of non-downtown folks are on my side there. Anyway, I'm done with this, we're just arguing in circles now. I don't come to UrbanSTL to argue with Kansas City people, I get enough of that in real life. Have a good rest of your day.
1. Cordish Light Towers: One Light is at 3% vacancy and Two Light is at 4%. Three Light is full steam ahead with groundbreaking expected later this year (opening 2021). Three Light will consist of 300 units with a price tag of $130million.
2. Rumors abound from a slew of sources that Target will be opening up shop in Lightwell (formerly City Center Square, a 1978 SOM designed office tower).
^ Bout time. I flew out of KCI the weekend before last and was craning my neck to see if anything significant had begun, but could only really see that the old big red "A" sign was gone. Nice to see some real demolition finally happening.
5. Three Light Luxury Apartments - Design Documents are close to being finalized. Three Light project will break ground this year with a 2021 opening. The project will be 300 unites, ~30 floors, and iirc $130million. At one point, a few drawings floated around that showed Three Light’s and Two Light’s amenity decks connected via a wide, open air, connector.
Two Light is at 4% vacancy and One Light is at 3% vacancy.
Trololzilla wrote:
I've been seeing "Visit KC" ads on a lot of Metrobus buses lately.
That doesn't surprise me. There's been a bit of press over here lately about expanding the marketing budget for VisitKC (apparently they spend the least on marketing compared to other peer cities) and trying to go bigger now that there are all these hotel rooms coming online. The VisitKC chief has already said downtown is largely overbuilt with hotels. Especially with the nearly 1,000 room Lowes about to come online, though I do think that will play well with the convention center next door. I think I read that KC's overall hotel occupancy rate is about 66% when mid 70s is considered healthy. I'm sure they're running similar ads in lots of cities, trying to get the word out.
I think the St. Louis CVC runs similar ads on CTA trains and buses in Chicago, and I would assume other cities. Though I've never seen any around KC.
The latest TIF Meeting packet has a new project on the agenda called Tracks 215.(Page253-296)
This project calls for a 9-story 250-unit apartment building atop a 3-story parking podium located on the surface lot located southwest of the intersection of 22nd and Wyandotte. Here's the streetview on Google Maps.
Project Description:
-$98 Million project
-Luxury apartment building built to compete with REVERB, Arterra, 2 & 3 Light
-60 micro apts, 165 1bd apts, 25 2bd apts
-Ground floor lobby/reception area/living room/gaming area/fitness center
-400 unit garage for residents and 2101 Broadway office tenants. (1 spot per apartment)
-10% of units (25 micros) leased at $1,100 to qualify as affordable units
-Rooftop kitchen
-Construction start January 2020, complete in Spring 202
- 3D Development and Greystar are developing the project. JEDunn will construct.
A good KCRAG photo of a few of the cranes in downtown KC. This photo looks across the Crossroads over to Hospital Hill - Crown Center. I think we are down to 5 or 6 tower cranes downtown. Loews’ last crane should go down soon but cranes for Strata, Three Light, 3 Grand, and City Club will replace it shortly.
ldai_phs wrote:
A good KCRAG photo of a few of the cranes in downtown KC. This photo looks across the Crossroads over to Hospital Hill - Crown Center. I think we are down to 5 or 6 tower cranes downtown. Loews’ last crane should go down soon but cranes for Strata, Three Light, 3 Grand, and City Club will replace it shortly.
3rd and Grand is definite due to the size and scale of that project, I just have my doubts that it will start. I doubt that the City Club will get a tower crane. Look's like they are doing fine without one, especially since the upper floors will most likely be wood framing. By the way, here are some renderings of some River Market project.
ldai_phs wrote:
A good KCRAG photo of a few of the cranes in downtown KC. This photo looks across the Crossroads over to Hospital Hill - Crown Center. I think we are down to 5 or 6 tower cranes downtown. Loews’ last crane should go down soon but cranes for Strata, Three Light, 3 Grand, and City Club will replace it shortly.
3rd and Grand is definite due to the size and scale of that project, I just have my doubts that it will start. I doubt that the City Club will get a tower crane. Look's like they are doing fine without one, especially since the upper floors will most likely be wood framing. By the way, here are some renderings of some River Market project. imageV06YHVEV.jpg image6ZG208FJ.jpg
Those are some great photos! Do you have a link to the first one or know any more info?
I had heard from an involved party that City Club would eventually get a tower crane. The first phase is steel with concrete floors so that looks to be possible.
ldai_phs wrote:
Those are some great photos! Do you have a link to the first one or know any more info?
I had heard from an involved party that City Club would eventually get a tower crane. The first phase is steel with concrete floors so that looks to be possible.