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Old 11-15-2011, 12:42 PM
 
1,767 posts, read 1,534,852 times
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Default Downtown living demand high, almost no supply left

Downtown added a pretty good amount of housing the last 10 years (thousands of units) and is now about 95% occupied. Building conversions are cheaper way to add supply than new buildings. The demand is still high but developers ran out of buildings to convert and rents aren't high enough to justify new decent urban scale development. Hirises in particular are much costlier to build new than suburban style development.

Downtown needs to double the population to gain a full scale downtown vibe. It's currently about 17K but that's 'greater' downtown to 31st St. It's a bummer that the demand is there for more housing but developers aren't willing to bite. I hope we don't see a burst of new suburban style development downtown in order to find a cheap way to meet demand. I suspect this might happen.

Homes tour to show what’s left in tight downtown market - KansasCity.com (http://www.kansascity.com/2011/11/14/3266645/homes-tour-to-show-whats-left.html - broken link)

Nearly 100 loft style buildings have been created over last 10 years or so, most are building conversions...
http://216.119.82.16/wp-content/uploads/2010/07/2010-Housing-Data-Sheet-3rd-Quarter1.pdf (broken link)
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Old 11-15-2011, 01:57 PM
 
141 posts, read 108,777 times
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PnL building should go apartment/condo. It's really the only large building in the loop that's underutilized. Plus walking distance to PnL district and grocery store.
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Old 11-15-2011, 02:05 PM
 
Location: Old Hyde Park, Kansas City,MO
1,145 posts, read 1,033,830 times
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Why don't they convert some of that Low Income housing into Market Rate, isn't their a large High Rise that is mainly low income over by Case Park in Quality Hill. That Low Income High Rise is probably a main reason why Case Park is kind of shady to begin with.

They could easily build some new Apartments on the massive sea of surface lots all over downtown/crossroads as well.
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Old 11-15-2011, 02:20 PM
 
Location: Old Hyde Park, Kansas City,MO
1,145 posts, read 1,033,830 times
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And here is some good news for Westport and River Market area, hope it gets approved
PIEA hears Westport and River Market projects - KansasCity.com (http://www.kansascity.com/2011/11/15/3267770/piea-hears-westport-and-river.html - broken link)
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Old 11-15-2011, 02:21 PM
 
Location: Washington, DC area
7,228 posts, read 8,436,011 times
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I say let the market be full for a while and get the rates up due to low supply and high demand so new construction is viable. KC needs some new construction now that it has rehabbed most of what could be rehabbed.
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Old 11-16-2011, 08:28 AM
 
Location: Kansas City, MO
3,274 posts, read 2,385,416 times
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Quote:
Originally Posted by xenokc View Post
Downtown added a pretty good amount of housing the last 10 years (thousands of units) and is now about 95% occupied. Building conversions are cheaper way to add supply than new buildings. The demand is still high but developers ran out of buildings to convert and rents aren't high enough to justify new decent urban scale development. Hirises in particular are much costlier to build new than suburban style development.

Downtown needs to double the population to gain a full scale downtown vibe. It's currently about 17K but that's 'greater' downtown to 31st St. It's a bummer that the demand is there for more housing but developers aren't willing to bite. I hope we don't see a burst of new suburban style development downtown in order to find a cheap way to meet demand. I suspect this might happen.

Homes tour to show what’s left in tight downtown market - KansasCity.com (http://www.kansascity.com/2011/11/14/3266645/homes-tour-to-show-whats-left.html - broken link)

Nearly 100 loft style buildings have been created over last 10 years or so, most are building conversions...
http://216.119.82.16/wp-content/uploads/2010/07/2010-Housing-Data-Sheet-3rd-Quarter1.pdf (broken link)
Bold: a big reason the suburbs are still winning.

But what's to stop a bunch of lowrise development in the Crossroads?

Perhaps its time Cordish builds out its residential. Is that still a possibility?

Funny how things like the condo tower at 18th and Broadway and the condos that would have been built wrapped around a garage next to the P+L were scrapped when there is now supposedly demand. I'd like to see those projects come back online. Same with the old Federal Reserve. Is that still becoming a hotel?
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Old 11-16-2011, 08:47 AM
 
1,767 posts, read 1,534,852 times
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New hirise construction at 18th/Broadway is an example that construction costs are too high compared to the market rate of other housing nearby. New hirise construction will be difficult to pull off if current rent/market rates are lower than construction costs for new. It's a Catch 22 for KC... it's a cheap place to live so it's more difficult to pull off more new high end hirise development, especially since the Plaza has quite a bit of that. Denver managed to do a lot of new construction/development but their downtown is not cheap to live in anymore. Since rents/condo values are higher, they can more easily justify new urbane development. Catch 22.

The demand downtown is mostly for rentals and low/mid-range condos, not high end condos for the most part. The Plaza seems to be where high end units are moving, but even those took a bit hit in value.
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Old 11-16-2011, 09:31 PM
 
64 posts, read 56,490 times
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Bring on the row homes...we all know there are tons of surface lots in KC. Build the density!


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Old 11-18-2011, 06:24 PM
 
Location: KC Area
345 posts, read 371,704 times
Reputation: 175
Row homes would be great, just not specifically downtown. I would love to see rowhouses in the crossroads, especially along Main, if the streetcar is going to happen, making the urge for streetcar even more. I think KC really could use some 20-30 story buildings near the government areas and the east side of the loop. We really need a new skyscraper downtown, badly.
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Old 12-01-2011, 03:23 PM
 
Location: Kansas City, MO
39 posts, read 29,140 times
Reputation: 18
Does anyone think that the complexes that offer the income-based housing are kind of holding the downtown expansion back? I think it's great that they offered that to get people back downtown, but now that the demand is there to live in downtown, is this really something that is necessary? I say this based on my "big city" idea - in the places that have a desirable downtown area, you pay for it.
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