GOING TO AUCTION
AUCTION DATES: OCTOBER 16-18, 2023
PHOTOS & MAPS
KEY PROJECT DETAILS
|818 GRAND BOULEVARD & 819 WALNUT STREET | KANSAS CITY, MO 64106|
|Net Rentable SF||85,854|
|Average Size per Unit||681 SF|
|Average Monthly Rent per Unit||$1,799|
|Potential Monthly Revenue||$226,625|
|Potential Annual Revenue||$2,719,500|
|Retail Rentable SF||18,000|
|Annual Rent per SF||$25.00|
|Potential Monthly Revenue||$37,500|
|Potential Annual Revenue||$450,000|
|Potential Project Revenue||$3,169,500|
Located on “main and main” in the heart of Downtown Kansas City, The Property is within walking distance to many of the city’s biggest demand drivers and boasts an impressive 96 Walk Score. Employers, nightlife, dining, entertainment, events, sports, shopping, and more will be immediately accessible to Scarritt Renters. Most notably, the Power and Light District is just a few short minutes away – Kansas City’s preeminent dining, entertainment, and luxury living.
The property is located two blocks from KC Streetcar, which offers free transportation across the city that connects all the downtown neighborhoods with 16 platform stops. After resounding success and popularity, Downtown Streetcar announced development of two extensions – a $352 million southern extension called “Main Street Extension,” and a $22 million northern extension called “Riverfront Extension.” These two extensions will connect Streetcar to Country Club Plaza and the Berkley Riverfront Park, expanding the existing line by 4.4 miles and creating greater connectivity throughout downtown Kansas City.
Bolstered by a surging population, dynamic workforce, billions committed to urban development, and another Super Bowl Win, Downtown Kansas City has experienced a renaissance that separates itself as the premier submarket in the MSA. Power and Light District, Berkley Riverfront Park, and the Central Business District are just a few of the rapidly growing communities that have undergone unprecedented development due to extraordinary demand.Tax Incentives for Redevelopment:
- Awarded Missouri tax credits equal to 25% of qualified expenditures (*estimated to be $6,375,000)
- Awarded Federal tax credits equal to 20% of qualified expenditures (*estimated to be $5,100,000)
- Awarded a 25-year tax abatement: 100% abatement for 10 years; 50% abatement for the following 15 years
Bidding for The Scarritt Building & Arcade will run for a duration of approximately 48-hours and we suggest bidders check in regularly to the RI Marketplace listing page for continued updates. As all auction sales are non-contingent, we encourage bidders to begin reviewing the due diligence items right away and get in touch with the listing broker with any questions regarding the Property or market.
• Create your RIM account by simply going to rimarketplace.com and clicking the “sign up” button on the top right corner of the site.
• Have additional questions? Contact the listing broker, our auction expert, or Marketplace Transaction Manager. Contact information for each is provided towards the bottom of the asset page.
• On the Asset page you can sign the electronic confidentiality agreement and access the due diligence vault. There you can download the OM and any due diligence documents needed to evaluate the opportunity.
REGISTRATION & AUCTION PARTICIPATION
• Registering to Bid: On the property page, click the “Register to Bid” on the right hand side. Complete the registration steps, including uploading your Proof of Funds which are required to become fully approved to bid. You will need to agree to Bid Terms and Conditions and submit your registration for approval. A Marketplace representative will be in contact with you during your registration to assist you through this requirement.
CLOSING & NEXT STEPS
• Once you are deemed the winning bidder at auction, you will be contacted by a Marketplace representative immediately.
• The purchase documents will be sent to you electronically and for execution within 2 hours per the Auction Terms & Conditions.
• Earnest Money Deposit must be received within 24 hours following the close of the Auction or as outlined in the purchase documents.
EXCLUSIVELY LISTED BY:
DIR +1 (904) 994-1579
Lic No. SL3564505 (FL)
VP OF AUCTION SERVICES
DIR +1 (949) 544-1722
Lic No. 01738687 (CA)
ASSOCIATE VICE PRESIDENT
DIR +1 (904) 923-5878
Lic No. SL3528259 (FL)