APARTMENTS - CBRE

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APARTMENTS - CBRE

PICKWICK PLAZA

APARTMENTS

933 MCGEE STREET :: KANSAS CITY, MO

• A Kansas City historic landmark

• Unique residential/commercial

redevelopment opportunity in

booming downtown Kansas City, MO

• Economic incentives available

A CB RICHARD ELLIS OFFERING

FOR MORE INFORMATION CONTACT:

Larry Larsen

Jeff Stingley

816.968.5826

816.968.5884

larry.larsen@cbre.com jeff.stingley@cbre.com

• Supply constrained market

• Located a few blocks from Sprint

Center arena and the Power and

Light Entertainment District

• Near JE Dunn headquarters, H&R

Block headquarters, Kansas City

government administrative buildings,

and the Federal Courthouse


ABOUT THE PROJECT

PICKWICK PLAZA APARTMENTS

PROJECT DESCRIPTION

The Historic Pickwick Plaza Hotel located at 933 McGee in

downtown Kansas City, Missouri is now for sale. This incredible

landmark is one of the few large assets in downtown Kansas City

that has yet to be renovated or improved as part of the dynamic

four billion dollar renaissance of downtown Kansas City. It is

officially registered with the United States Parks and Services

Administration as a historic building.

of the KC Lyric Opera, and a new state of the art performing arts

center. All of this activity has occurred in the five square blocks

surrounding the Pickwick Plaza Apartments.

LOCAL MARKET

Downtown Kansas City offers a unique opportunity due to a recent

significant infrastructure investment. This project in particular

offers unique proximity to the city’s significant private/public sector

intiatives representing over $4 billion in investments including The

Power and Light Entertainment District, Sprint Center, Kauffman

Performing Arts Center, Bartle Hall Expansion, along with H&R

Block and JE Dunn World Headquarters.

In addition, this project is located in the strongest business center

in the city with over 3,000 businesses employing over 100,000

people downtown. With forecasted upward trends in apartment

demand over the next several years and the relatively few number

of competing products coming on line in the local market, this

project offers a unique opportunity to capitalize on the economic

growth driven by Kansas City’s urban revitalization.

The Hotel was built in 1930 and was once a signature landmark

of downtown Kansas City. It was a frequent retreat of President

Harry S. Truman in the 1950’s. The building is currently vacant but

configured with 233 apartment units. In addition, 8,255 square

feet of renovated 1st floor commercial space and 7,500 square

feet of “penthouse” commercial/living space will be brought to the

market.

ENTITLEMENTS AND INCENTIVES

Preliminary discussions with Kansas City government officials

indicate enthusiam for the contribution to urban density that

this project represents in addition to significant support for the

restoration of this historic landmark. The project will take full

advantage of economic development incentives available including

state and federal historic and low income tax credits. Based on

meetings with PIEA officials, we are confident that a tax abatement

initiative will be successful.

BUILDING INFORMATION

The asset consists of 233 studio and 1 bedroom units along with

nearly 5,600 square feet of restaurant space and approximatelly

15,000 square feet of retail/office space.

The play on this asset is simple. New owners have the opportunity

to complete a simple unit and common area upgrade, or

undertake a substantial rehabilitation project. Pickwick Plaza is

listed on the National Historical Registry so a buyer would be able

to have 45% historical tax credits allocated to qualifying expenses.

Located in the highest growth area in the MSA, the submarket

has seen 80% of its apartment stock lost over the last few years to

condo conversions.

Pickwick Plaza is located in the heart of Kansas City’s Central

Business District. The area has seen a resurgence of interest as

the local government has made its revitalization the center of its

development agenda. Nearly $3 Billion have been invested over

the past five years including, the new Sprint Center, the Cordish

Company’s Power and Light District, TIF financed redevelopments

of numerous office, industrial, and retail spaces, the new home


STACKING PLAN

PICKWICK PLAZA APARTMENTS

Fourth - Tenth Floors

Gross floor area:

Rentable area:

Floor common areas:

15,711 ft 2

12,608 ft 2

3,104 ft 2

Third Floor

Gross floor area:

Rentable area:

Floor common areas:

15,711 ft 2

12,492 ft 2

3,220 ft 2

Second Floor

Gross floor area:

Rentable area:

Floor common areas:

19,363 ft 2

12,166 ft 2

7,197 ft 2

First Floor

Gross floor area:

Rentable area:

Floor common areas:

20,937 ft 2

8,255 ft 2

12,683 ft 2

Rentable residential

Rentable commercial

Corridors

Vertical circulation

Service

Resident amenity

Building Total Area

Building gross area:

Building rentable area:

Building common area:

165,988 ft 2

121,169 ft 2

44,828 ft 2


Rivermarket

Federal

Courthouse

City Hall

AT&T

Pickwick

Central Business District

(±125,000 Employees)

Jackson

County

Building

FAA

JE Dunn

Headquarters

GSA

H&R Block

World HQ

Power & Light

Entertainment District

Sprint Center

Municipal

Court

KC Star

Production Facility

Crossroads District

FOR MORE INFORMATION CONTACT:

:: Larry Larsen

816.968.5826

larry.larsen@cbre.com

:: Jeff Stingley

816.968.5884

jeff.stingley@cbre.com

www.cbremarketplace.com/pickwick

©2011 CB Richard Ellis, Inc. The information above has been obtained from sources believed reliable. While we do not doubt

its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to

independently confirm its accuracy and completeness.

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