Kansas City Country Club Plaza Lost More Than Half Its Value

The pandemic, Amazon, rising crime and the legacy of "mostly peaceful protesters" backed up by Mayor Q have taken their toll on one of Kansas City's most iconic entertainment districts.

Of course . . . This is part of a tax beef. 

However, very much like the mostly forgotten work of the campy painter who loved this old school ritzy district . . . NOBODY is arguing that the retail district is enjoying good times given so many shut down storefronts and fewer people who feel safe.

To be clear . . .


This tax trouble saga is just part of the story . . . Check-it:

Taubman and Macerich said their Plaza properties collectively are worth $209.7 million, according to opinion values filed in appeals of Jackson County's 2023 assessments for 25 of their 28 parcels in the shopping center. That would represent a 47.7% decrease from the $400.8 million total valuation Jackson County gave for the Plaza properties earlier this year, up from $328 million for the 2021-2022 assessment cycle.

The joint venture in May defaulted on $295.2 million in outstanding acquisition financing, and since has said it is "working toward a mutually acceptable outcome" with lender Nuveen.

Read more via www.TonysKansasCity.com link to paywall . . .

Country Club Plaza owners say shopping center's value is less than a third of their acquisition price - Kansas City Business Journal

If the Country Club Plaza sells, the price probably wouldn't come close to the $660 million its current owners paid in 2016. Recent appeals of Jackson County's assessments shed light on how much its owners think it's worth.

Developing . . .