BMA Tower Renovation

[ShowMeKC]

An article from today's KC Star business section:

Condos proposed at BMA Tower

By KEVIN COLLISON The Kansas City Star

The owner of the former BMA Tower is considering converting it into luxury condominiums, and is opposing plans to build a skateboard park next door in Penn Valley Park.

Landmark Tower LLC, which purchased the 19-story building in December 2002, has a request before a city development agency this week to allow flexibility for residential and/or commercial redevelopment. The weak office market makes residential condos more likely at this point, said Mark S. Ledom, the managing member of Landmark Tower.

[Scott]

That's a cool building! I hope they will work out the skatepark issue.

[Allan]

A very nice building. It looks like it would make some great condos too!

[ShowMeKC]

Looks like residential,

From the Business Journal of Kansas City:

Landmark Tower signs letter of intent with apartment developer

The owner of the Landmark Tower in midtown Kansas City has signed a letter of intent for a joint venture with an apartment developer in Southern California, the tower owner's leader said on Monday.

 

Mark Ledom said the agreement with SWD Communities LLC of Newport Beach, Calif., hinges on receiving a property tax abatement. The letter of intent is contingent on getting a 10-year abatement on improvements from the Land Clearance for Redevelopment Authority. Ledom said the request won't be considered until July.

This assistance would be used to remove asbestos and replace failing curtainwall windows in the 19-story structure that overlooks Penn Valley Park at One Penn Valley Parkway.

The tower would contain 150 to 200 residential units. Prices would begin around $250,000 and range into seven figures for penthouses. These prices equate to $300 to $400 a square foot -- higher than levels achieved or proposed in Downtown.

"We won't compete with downtown lofts," Ledom said.

A preliminary plat and rezoning application will be filed by May 21 with the city for an urban redevelopment district, Ledom said. The building's current zoning allows the former BMA Tower to be used only for offices.

Ledom said SWD approached him in November. He's also continuing to field requests from office users.