KANSAS CITY—Gailoyd Enterprises Group has just sold the Kansas City's Power & Light Building to NorthPoint Development of Riverside, MO. The 30-story tower was once the tallest building in the state, but the Art Deco icon lost tenants over the years, and the new owner plans to take advantage of the downtown's population surge and transform it into a mixed-use development with 200 apartments. The price was not disclosed. Gailoyd attempted to sell the building in 2012, reportedly for $13.75 million, but the deal fell through.
The sale included the 285,000-square-foot building, located at 106 W. 14th St., and about one acre of adjacent land on the north side of the building that NorthPoint will use for parking and 70 new apartment units for a total of 270 new units. The building currently is vacant, and NorthPoint plans to begin construction immediately. Built in 1931, it sits between the convention center and the Power & Light entertainment district, an $850-million project that now provides a host of live music venues, theaters, bars, restaurants and nightclubs.
Cassidy Turley vice president Gib Kerr represented the seller.
“The Power & Light Building has been an iconic symbol of Kansas City since 1931,” says Kerr. “However, in recent years, it has been dark and mostly vacant. All of us in Kansas City who grew up admiring the beautiful Art Deco architecture and the elaborate, multi-colored exterior lighting system of the Power & Light Building can't wait to see it come to life again and literally light up our skyline like it did in its glory days.”
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
