Two long awaited and much anticipated issues have been settled for downtown in the last year: Will Kansas City get a new downtown hotel? And, where will the General Services Administration (GSA) locate?
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| $71 million Commerce Tower redevelopment |
1. The GSA’s Heartland Regional Offices will be relocating 900
employees from the Bannister Federal Complex to the Two Pershing Square office
building at 2300 Main Street, just east of Union Station. The 144,000 sq. foot transaction is valued at
just under $50 million for a 20-year lease term. The momentum generated by the influx of
employees is expected to have a broad economic impact for support businesses in
the area as well as increased ridership of the new downtown streetcar system.
2. Full approval for the construction of the first hotel since
1985 is expected to come before January 2014.
The 257-room complex will be assembled in the 1600 block of Baltimore
Avenue at an anticipated cost of $46 million.
The plans included in the 10- story building are a parking garage,
street-level retail shops, a Courtyard Marriott and a Residence Inn. Perhaps the single strongest sign of improved
economics for the area is that the new hotel developer is not seeking
entitlements or tax incentives.
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Contributor:
Matt Levi, CCIM
Vice President
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