COVID killed the market for downtown Kansas City office space.
And so . . .
RAMPANT SPECULATION FOR MORE CONDOS & LUXURY APARTMENTS ARE THE NEW HOTNESS!!!
Here's the money line stolen from a lesser hack development blog . . .
Bernstein has told the Land Clearance for Redevelopment Authority (LCRA) it wants to scrap the office plan and renovate the AT&T building into a residential project at an estimated cost of about $78 million.
As opposed to the sluggish office market, there is a continuing strong demand for more apartments downtown, according to real estate experts.
Bernstein is seeking a 15-year property tax reduction to help finance the project, 100 percent for 10 years, 50 percent for five. It’s also seeking state and federal historic tax credits that would generate an estimated $24 million.
The LCRA board will rubber stamp this next week.
TKC Fact Check . . .
There's a myth that this sector is "hot" but the reality is that quite a few developers are propped up by shady foreign investment money and these real estate schemes don't always work out.
For instance, even fancier developments than cowtown luxury are currently vacant and won't produce the revenue promised . . .
Billionaires' Row is a bust. Nearly half of luxury units across seven buildings in the uber-exclusive Midtown Manhattan stretch - where apartments have sold for more than $100 million - sit empty and dark, according to a study exclusively shared with The Post.
Developing . . .