The Kansas City Country Club Plaza has been targeted for the biggest population influx it has ever seen in the modern era as a sketchy real estate plan banks on the Prez Biden bailout to drive economic growth.
Good luck with that.
Here's a peek at the basics of the plan from a real estate hype blogger:
"Museum Tower, a $116 million apartment project proposed as a gateway to a potential cultural district at 45th and Main streets, leads the list of development proposals filed with the city in advance of stricter tax incentive policies taking effect early next month.
"The bump in applications to the Economic Development Corporation of Kansas City includes the first official confirmation of Museum Tower, the long-rumored apartment project being pursued by Main & Main LLC, an entity controlled by the Merriman family.
"The development team includes Americo Life and Burns & McDonnell, the same pairing that designed and is building what was to be the Waddell & Reed office tower going up at 14th Street and Baltimore Avenue."
That last line holds an important hint that things might not work out as planned given that FAIL of the Waddell & Reed project.
More to the point . . .
THIS MASSIVE PROJECT THREATENS TO NOT ONLY BLIGHT THE HOTEL NEXTDOOR BUT ALSO BRING EPIC REAL ESTATE SPECULATION TO THE PLAZA!!!
The nightmare scenario . . .
Forgive us for being skeptical but there just might be a POSSIBILITY that the post-COVID economy won't afford the kind of prices developers are asking. They might have to drop those prices and then the Plaza will be hit with a HUGE influx of low-rent neighbors with not a lot of cash to enjoy the last remaining luxury entertainment district options.
Of course maybe we just worry too much and everything will work out fine like it always does . . . The last year has shown us that, right???
A glimpse at scale from another source . . .
"The 293,400-square-foot Museum Tower is to include 300 multifamily units, a 460-space underground garage and mixed uses at ground level.
"The tower’s 50 studios will average 600 square feet and lease for around $1,900 a month; its 157 one-bedroom units, about 903 square feet, will rent for about $2,315; and its 93 two-bedroom units, averaging 1,275 square feet, will run about $3,151.
"The new building will create a “community-focused experience bringing cultural arts, modern apartments and food and beverage together in a unique urban landscape,” while serving as a “design-focused node connecting the streetcar to the arts district,” submitted materials show."
Check the links . . .
Ingram's: Documents list a planned 2021 construction start at the 3.2-acre site, where crews in January started demolishing the former Country Club Plaza Holiday Inn. Americo Life paid $8.05 million for that property in July.
Developing . . .