Here (in no specific order) are several mixed-use projects we're eager to see come to fruition in Kansas City. Check out our list and let us know what you're most excited to see in the comments below!
1. Armour Boulevard and Troost Avenue Redevelopment: Antheus Acquisitions, LLC was just granted redevelopment rights for three parcels near Armour and Troost. This project is calling for a total of 300 to 320 residential units over a total of 25,000 square feet of retail space at the four corners. Why we're excited: Not only will this development create much needed housing, but it will help mitigate the 'dividing line' affects that Troost is known for. 2. Woodside Village: A mixed-use development, Woodside Village will house 330 luxury residences and 35,000 square feet of retail shops. Why we're excited: Woodside Village will increase the walkability of Westwood by providing a grocery store and gym, as well as create a stronger community bond. 3. Commerce Tower: A "vertical village"; Commerce Tower in Downtown Kansas City will be improved by a $139 million renovation to create a mixed-use oasis for city-dwellers. Why we're excited: Commerce tower will employ smart design techniques with LEED Silver sustainability. This project will not only create much-needed housing, but essentially become a virtual neighborhood within a building. What's not to love about that?! 4. Plexpod Westport Commons: You may remember Plexpod Westport from a previous post we published about coworking! Plexpod will be the world's largest coworking facility housed inside Westport Middle School. Why We're Excited: As a coworking facility, this development will be an incubator for start-ups and small businesses, while also paving the way for innovation in the workplace. Aside from this, the development will be an asset to the community itself and contain a neighborhood urban farm. Sources: Armour Boulevard and Troost Avenue Redevelopment Troost/Armour Developer Throws in 300 Apartments to Dilute Risk Woodside Village Woodside Village Brochure Commerce Tower Aims to Solve Downtown Living Woes Commerce Tower Returns to Village Concept Development Group Announces Worlds Largest Coworking Facility A Look at Coworking in KC and Why it Matters to You
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You've probably heard the term "Shareconomy" floating around the lexicon, but do you really know what it is? The Sharing Economy (otherwise know as "Peer Economy," "Shareconomy," or "Collaborative Consumption") refers to the open-source nature of the ways we access goods and services. Essentially: AirBnB, Uber, or Snapgoods. As consumers we love the convenience and cost-efficiency of a Shareconomy, but how do these services affect the health of commercial real estate?
The Hospitality Industry Takes a Hard Hit, but Continues to Thrive: We all assumed that companies like AirBnB and HomeAway would be taking away business from hotels, what we didn't see coming was the $450 million that the hospitality industry lost to AirBnB. Despite the monetary hit, the demand for both hotels and AirBnBs are about the same . Zoning? What's That?: If your apartment doubles as an AirBnB, what should it be zoned as? Zoning, and many other regulations have come into question as building purposes become more fluid. In the beginning, Shareconomy services only made up a small part of the economy and had little impact on zoning and rental agreements. However as time goes on, this new way of making money challenges current rules and can step into legal gray-areas. Investors Can Now Bypass Traditional Lenders: Crowdfunding has made it much easier for people to raise money for just about anything, and that includes real estate. For instance, RealtyMogul is a crowdfunding source for real estate investors; an "online Real Estate Investment Trust ("REIT") designed for diversification, cashflow and appreciation," according to their website. With resources like this, people can skip banks altogether when it comes to investing. Shareconomy Innovation is Snowballing: If you thought the Shareconomy was just a fad, think again. We started out being able to temporarily rent houses for our vacations, and now people are able to rent commercial kitchen space, office space, and even someone's personal Wi-Fi connection. The more that the freelance mindset takes over, the more people feel they can be a part of it and begin to innovate with their own ideas for services. Bottom Line: The Shareconomy is the child of technology and the savvy mindset that resulted from the Great Recession. Technology will continue to get better, as will the Shareconomy; however, as new ideas come to fruition, so do new problems like taxation. The CRE world, much like the Shareconomy, must learn to innovate and roll with the punches. How have you seen the Shareconomy affect CRE? Let us know in the comments below! Sources: AirBnB Uber Snapgoods Homeaway The Impact of AirBnb on Hotel and Hospitality Industry Airbnb Is Thriving. Hotels Are Thriving. Uber, Airbnb and Consequences of the Sharing Economy: Research Roundup Airbnb has Removed 2,570 Illegal Listings from NYC, but Housing Advocates Say it's Not Enough RealtyMogul What You Need to Know About the Sharing Economy Can The ‘Airbnb Of Kitchens’ Give Local Food Economies A Boost? A Look at Coworking Spaces, and Why it Matters to You Fon Why Millennials Understand the Future of Work Better than Anyone Else All Eyes on the Sharing Economy Millennials: A Financial Mindset Shaped by Recession Top 6 Tax Tips for Sharing Economy Freelancers Street Culture: Startups Bring the ‘Sharing Economy’ to Commercial Real Estate Two weeks ago Valbridge | Kansas City helped the Rosedale Development Association (RDA) clean up Fisher Park in Kansas City, Kansas. The experience helped to shed light on the redevelopment efforts that RDA and other community members are making to Rosedale and the surrounding areas. RDA's goal is to better the lives of all Rosedale residents and advocate for community improvement across the board. To learn more, we spoke with RDA's Healthy Kids Program Director, Erin Stryka. Valbridge | Kansas City: "Thank you for agreeing to speak with us! It was really fun helping you guys out with the trails. Could you tell me a little bit about the state of the community right now?" Erin: "No problem, and we appreciate the help! Volunteerism is what drives our organization. Right now in Rosedale the community members are really excited because the Rosdale Community Survey has been completed and the Rosedale Master Plan has just been drafted. The community has been a vital part in the planning process and remains incredibly engaged and interested in the changes that will happen in the next few years." Valbridge | Kansas City: "So what are the next steps in the planning process?" Erin: "The next step is getting the plan adopted by the commission. The goal is to make sure the community remains involved in the process of doing this." Valbridge | Kansas City: "That's awesome! So what's something that you personally are really excited to see happen in the community?"
Erin: "I was really excited to see how much people care about our park system here in Rosedale. With this kind of support we'll be able to do some great work. We have three city parks, and one park that's maintained by a church, so making sure all of them are well maintained is a huge undertaking. It's nice to know that we have so many people willing to help." Valbridge | Kansas City: "Definitely. Is there anything else you would like to say about your organization before we wrap up?" Erin: "Yes, I would like to let everyone know that Rosedale Development Association relies heavily on the community and volunteerism. Volunteer efforts are how we are able to improve the community and the lives of people living there. We really appreciate groups like Valbridge | Kansas City and other companies who are willing to sacrifice a few hours to community improvement." We would like to thank Rosedale Development Association and Erin Stryka for letting us work with, and get to know their organization. For more information on RDA, or if you would like to volunteer, please visit Rosedale.org. By Madelyn Johnson A New Generation of Office Space One of the biggest trends in the office sector as of late; "Coworking" is a style of work that involves shared work spaces and promotes independent office activity. Kansas City is not immune to the rapidly spreading concept. As the city continues to be a hot spot for Millennials to work and play, perceptions of the nine to five are changing. Almost 40 percent of the generation is involved in freelance work, which allows for innovative opportunities and the freedom to work wherever. As the largest generation ever begins the cycle of entering the workforce, the economic landscape of office real estate will change. The Future has Arrived in Kansas City Kansas City will soon be home to the largest coworking space in the world thanks to Sustainable Development Partners-Kansas City and their partnership with Plexpod, a Lenexa based Coworking community. This project, Westport Commons, will involve the rehabilitation of 360,000 square feet of historic school buildings to include a massive Coworking space. Plexpod has begun accepting applications for office space and expects Phase One of the facility to be complete by the end of 2016. Currently, Plexpod is operating a Coworking facility in Lenexa where members can enjoy the use of conference rooms, game rooms, a cafe, a barber shop and much more, all in one building. Lenexa Plexpod acts as an incubator for creative companies and start-ups by offering a wide price range of facility memberships. For more information on Coworking, please read the articles we've referenced in this post:
Millennials Going to Kansas City, to Live and Work Freelancing in America: A National Survey of the New Workforce Prepare for the Millennial Migration, Says USC Development Group Announces Worlds Largest Coworking Facility Historical Building Highlight: Westport Commons Did we leave anything out? What do you think of Coworking? There have been exciting developments in the Kansas City office sector this past year. Cassidy Turley reports that most recent projects have been build-to-suit projects while the share of speculative building has remained quite small for the past four years. With relatively few large contiguous Class A spaces available in the Kansas City MSA, new construction has been primarily driven by large users. Burns & McDonnell plans to add 2,100 employees over the next decade. To accommodate this growth, the company is constructing a new office building in two phases at its headquarters located at 95th Street and Wornall Road, with 300,000 square feet, which is nearing completion and a future phase of 150,000 square feet planned. The Innovation Campus is expected to have 4.5 million square feet to include 3.8 million square feet of office space for up to 15,000 new Cerner employees. Construction began in 2015 and currently has 578,500 square feet under construction. Click here for more information on CernerTrails Click here for more information on Mariner Holdings New Headquarters Click here for more information on Van Trust's sites along the 435 corridor Did you know? We are office experts! At Valbridge | Kansas City, we can provide valuations, consulting, and litigation services. In 2015 alone, we completed 82 appraisals and a 10-property portfolio of office buildings in Omaha, NE. Director T.J. Hawks, MAI has valued over 20 million square feet of office space in his time here at Valbridge | Kansas City. Your thoughts? What other notable KC office projects come to mind from 2015?
If the Midwest knows one thing, it's farming! Here at Valbridge | Kansas City, we've compiled a list of our favorite urban farms and farmers' markets in the KC Metro. Many of these places use sustainable urban growing practices and promote local food consumption! Urban farms and markets in the KC Metro: This map shows all the urban farms (green dots) and farmer's markets (orange dots) in the KC Metro. It was obtained from local non-profit Cultivate KC! Overland Park Farmers' Market: One of the biggest markets in the area! OP Farmers' Market hosts a wide variety of artisans and vendors, selling everything from fresh fruits and veggies, to handmade soaps and local cheeses. Open on Saturdays from 7:00 am to 1:00 pm.
Green Dirt Farm: CHEESE, CHEESE, CHEESE! If you love dairy, then this is the farm for you! Green Dirt Farm supplies farmers' markets, stores (Whole Foods, Nature's Own, and Cosentino's Market, to name a few), and restaurants with their cheeses and yogurts. To see a full list of where Green Dirt sells their products, click here! Waldo Farmers' Market: "Where neighbors come for dinner!" This market has been operating for six years now, and is located adjacent to the Trolley Track Trail on W. 79th street in Waldo. Walk, bike, or jog by on Wednesdays from 3:00 to 7:00 pm. Juniper Gardens Training Farm: On eight acres of previously vacant ground near downtown Kansas City, KS, a new green and productive space is growing. Juniper Gardens is a training farm for new refugees in the KC Metro. Not only is this farm a great cause, but they promote sustainable local eating by selling their fruits and veggies at markets all over the area. Find their produce here! North Kansas City Farmers' Market: Farms and fun in The Northland! Located near several excellent locally unique restaurants and a park for children to play, this market provides the freshest of fruits, vegetables, honey and bread products from area farmers and farm-based vendors. Check them out on Fridays from 7:00 am to 1:30 pm. Gibbs Road Farm: "Growing food, farms and communities for a healthy local food system." Gibbs Road Farm produces over 25,000 pounds of certified organic vegetables and maintains sales of $100, 000 annually, establishing it as one of the area's largest vegetable producers. Find their produce at Brookside Farmers' Market! Brookside Farmers' Market: "Come for fresh, organic home-grown vegetables, meats, baked goods, juices, and more!" Get to know your farmer and your food at this neighborhood market located at 63rd Street and Wornall Road. This market is open Saturdays from 8:00 am to 1:00 pm. Our Director of Multifamily Valuation, Daniel Kann, was interviewed by The Kansas City Star on the apartment boom in the Kansas City Metro! Check out the article below, as well as Daniel's bio. Daniel Kann, MAI Daniel appraised over two billion dollars of multifamily real estate in 2015 and is MAI designated through The Appraisal Institute. As Director of Multifamily Valuation, he oversees and implements all things related to the property type. Recently, Daniel has traveled throughout the country (Omaha, Dallas, Philadelphia, and St. Louis to name a few places) for various market studies. Daniel received his bachelor's degree from the University of Northern Iowa in Real Estate Finance and Marketing and is currently working on a master's in Real Estate finance and Construction from the University of Denver. Daniel is licensed in Kansas, Missouri and Illinois. Valbridge | Kansas City is pleased to announce our nomination for the Kansas City Chamber Small Business Awards and our participation in the 2016 Small Business Celebration Candidate Showcase! Named for the late Ewing M. Kauffman, the Small Business of the Year Award-'Mr. K Award' will go to a company that has shown growth or sustainability of their business with strong employee relations and a record of giving back to the community. The Small Business Celebration is one of the largest small business celebrations in the United States. This is Valbridge | Kansas City's second year participating in the Small Business Celebration at Union Station. Sign up here and stop by our booth from 5:00-7:00 pm on Wednesday, March 30th. Valbridge | Kansas City will be live-tweeting the entire event! We can't wait to celebrate Kansas City small business with you! 2015 Small Business Celebration Have you considered a career in commercial real estate appraisal? In the video below, several of our Valbridge colleagues share why appraising is a great profession, and why it may be the perfect fit for you! Once you've decided appraising is the career for you - the same Valbridge colleagues share with you why Valbridge Property Advisors is a great place to work! |
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