Revamped Plans for Historic Building and New Retirement Community Announced in Kansas City
- Aug 12, 2011
The historic Federal Reserve Bank of Kansas City building, located at 925 Grand Boulevard, will become a 306-room Embassy Suites hotel. The Kansas City Star reports that developer Jason Townsend has revised his original plan that envisioned 155 residential condos in the landmark building.
The 21-story tower was bought in 2005 for $12 million, but a less-than-strong condo market obliged the developer to reconsider his options. The revamped $70 million plan has been approved by the Land Clearance for Redevelopment Authority. The developer will still benefit from a 10-year tax abatement authorized in 2008, and he received a three-year extension in January that sets 2014 as the new deadline to complete the work.
Another project has been confirmed in Kansas City, this time in the Briarcliff area. McCrite Plaza Retirement has announced plans to open a $19 million, 170-unit retirement community. The site will feature both independent-living apartments and assisted-living units. The units will vary in size from 750 to 1,250 square feet, and the community will include amenities such as restaurants, recreational spaces and a health and wellness center.
In Shawnee, the City Council is working on the proposed 2012 budget and considering the creation of a Community Improvement District for Ten Quivira Plaza. The proposed CID would levy a half-cent sales tax to revamp the 175,000-square-foot shopping center. The owner of the center, Tri-Land Properties Inc., will use private financing to cover two-thirds of the planned $4.2 million improvement, and the sales tax is expected to cover the balance amount.