Welcome to the official blog of Block Real Estate Services, LLC (BRES). BRES seeks to offer insight and news concerning commercial real estate, financial investments, construction and development of the 212 communities we serve locally and nationally.

Tuesday, January 21, 2014

2014 Kansas City Downtown Market Report

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? 

Commerce Tower
$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.

For Kansas City's full downtown report click here for your own copy!

Matt Levi Block Real Estate Services

Matt Levi, CCIM
Vice President

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