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Rick Powell expects that the renovation of the 11-story art deco tower built in 1931 and an adjoining three-story building that once housed a printing plant will be completed by late summer. The $17.8 million project will include 25 residential condominiums and 35,000 square feet of office space that will accommodate LTS Management Co., a fast-growing financial services firm.
It was the willingness of LTS to purchase the commercial space so it could consolidate its 144 employees now scattered at several downtown locations that persuaded Powell to proceed with the redevelopment. It was approved for tax increment financing assistance almost four years ago.
"This wouldn't have existed without LTS," Powell said. "They've stuck with us throughout the financial crisis."
The market for residential condos downtown has declined considerably since last year, a victim of the overall slowdown in the housing market. Most developers have either shifted from for-sale condo to rental projects, or shelved their plans until conditions improve.
Powell said the commitment by LTS to purchase the eight commercial condos included in the redevelopment plan helped convince his banker to allow him to complete the condos. Union Bank & Trust of Lincoln, Neb., is financing the residential portion. Core First Bank of Topeka is backing the commercial renovation.
The commercial aspect of the project is connecting the first three floors of the Union Carbide building with adjoining floors in the 100-year-old LaRue Building next door. A new entrance to the commercial project is being created off Ninth Street.
The residential plan incorporates the fourth through 11th floors of the Union Carbide building.
Condos ranging in size from a 500-square-foot studio unit to a two-level, 2,700-square-foot penthouse are being created. The prices will range from $150,000 for the studio to up to $530,500 for a two-bedroom unit and $1 million for the penthouse. One-bedroom units will sell in the mid-$200,000 range.
Parking will be provided in the John's parking garage at Ninth and Wyandotte streets. The 40-cents-per-square-foot condo owner fee will include one parking spot per bedroom. Residents not wanting parking will pay a 32-cents-per-square-foot condo fee.
The architectural firm designing the condos is El Dorado Inc. The architect for the overall project is Gastinger Walker Harden Architects. A.L. Huber is the general contractor.
The TIF district created to assist the redevelopment also included the historic Cosby Hotel, a three-story building at Ninth and Baltimore that opened in the 1880s. Powell has had some interest from potential tenants but no commitments, and that building will remain dormant for the time being.
One of the major draws is expected to be the neighborhood. The Union Carbide building is next door to the Kansas City Club and across the street from the downtown public library. It's also near the hundreds of lofts and condos in the Library Lofts project along 10th Street.
"It's a relatively quiet neighborhood, which has become very residential," Powell said.
To reach Kevin Collison, call 816-234-4289 or send e-mail to kcollison@kcstar.com.
To see more of The Kansas City Star, or to subscribe to the newspaper, go to http://www.kansascity.com. Copyright (c) 2009, The Kansas City Star, Mo. Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.
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