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AREA Real Estate Advisors

The Largest Bank in the U.S. Comes to Kansas City

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Extra, extra, read all about it! JPMorgan Chase Bank, the largest bank in the United States, announced they will be opening two locations in the Kansas City area. While the bank has had a presence in Kansas City with their middle-market banking team, they have never operated a full retail branch in the area. One of the two inaugural locations will be at the former Dean & Deluca building at 4700 W 119th Street (listed by AREA). The former Dean & Deluca building, a prime outparcel adjacent to Town Center Plaza hit the market less than a year ago.

“We had a lot of interest from premier retailers due to its high-profile location,” AREA’s Scott Miller said. “Everything from restaurants to service retailers and soft goods retailers looked at the space. Ultimately the best fit for everybody ended up being JPMorgan Chase.”  This is just the beginning of Chase’s expansion into the market. Another location will open at 7701 State Line Road, with an estimated 15 more branches to come to the area.  This is a major bonus to the market, as this only creates more jobs for our residents and better access to credit.

Scott Miller and Adam Blue were the agents on the lease transaction. To read more on the transaction, click here.
MetroWire Media article.

New Upscale Dog Daycare Opening at Prairie Village Shops

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Construction at On the Ball dog daycare is nearing completion and are set to open in the next couple of weeks at The Village Shops in Prairie Village. The 3,563 SF space is located between The Tavern and Rimann Liquors on the north side of the shopping center. On the Ball is an upscale dog daycare that focuses on making both dog and dog parents’ lives easier and more enjoyable. The services include daycare, boarding, spa, curbside and concierge services. They also include home pick-up and drop-off services, so there is no need to rush to work in the morning or rush home after work to pick up your furry friend. While your pup is enjoying it’s stay (day or overnight), you have access to their state-of-the-art web cameras through an app, so you are able to check-in and see how your dog is doing. On the Ball only staffs experienced, reliable team members that believe in its mission to fulfill the needs of the community by providing high level service, so you can be worry free throughout the day knowing your dog is in the best hands.

Catch a sneak peek of the grooming salon, luxury suites and front entry below!

     
For more information or to sign up for the VIP email list, go to www.ontheballkc.com.

See you in the barking lot!

Paragon Star Developers Prepare to Kick Into High Gear

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Paragon Star broke ground and announced it’s project partners two years ago.  Despite people thinking the developers of the development are fatigued, Paragon Star in Lee’s Summit is making progress. $31 million in transportation sales tax revenue bonds have recently been secured to fund roads and infrastructure construction near the 200-acre sports-anchored development in Lee’s Summit.

“D.A. Davidson has helped us complete a crucial milestone in the Paragon Star complex. With the bonds being underwritten, we now have the financing to start construction on the new DDI (Diverging Diamond Interchange) at I-470 and View High Drive, new bridges as well as general infrastructure improvements to existing roads surrounding the soccer anchored mixed-use village” said AREA’s Ben Short.

Developers are working tirelessly towards the finish line and this hurdle allows the team to ramp up the marketing of the project to developers of the pad sites and to tenants in the Village, now that access and utilities to the site will be provided. “I can’t thank our partners, including the city of Lee’s Summit, enough for their hard work” said Ben.

The complex will feature 16 state-of-the-art sports fields, 90,000 square feet each of office and retail suites, a hotel, and nearly 400 upscale apartments.

For more information on Paragon Star, click here.

To view MetroWire Media’s recent article on the project, click here.

Downtown Kansas City Parking

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AREA’s Tim Schaffer and Sean Craven, were recently interviewed by the Kansas City Business Journal regarding the misconception of the lack of available parking in downtown Kansas City.  AREA looked at seven parking garages near 12th & Main streets, which is the busiest pedestrian intersection in downtown Kansas City.  Our findings show that there is more parking than many people see.

The seven lots had an average of 2,144 public spaces available daily. The conversion of  3.5 million square feet of downtown office space is causing a shift in parking needs, and garages that have previously been at full capacity during the daytime now experience a more even traffic flow between daytime office use and evening residential and recreational uses. The demographics trend toward a younger population, who are willing to walk farther to park.  This willingness to walk has exponentially increased due to the area bustling with events, creating a safer feel for the environment. “The environment of that walk is so much better today because downtown has improved,” according to AREA President Tim Schaffer.

To read more about AREA’s downtown parking study, click here.

Check out AREA’s listings in downtown Kansas City
Lightwell
3Y (300 Wyandotte)
Rivergate (600 Broadway)
1808 McGee & 215 E 18th (18McGee)
19th & Oak
2020 Baltimore
City Club (20th & Main)
2107 Grand

AREA Takes on Leasing of 3Y Office Building

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AREA has taken on the office leasing of 3Y (300 Wyandotte), a 94,846 square foot office building located in the historic River Market, at the north end of the Central Business District. The building’s unique location provides stunning views of both downtown as well as the Missouri River. The building is visible to over 178,000 cars per day from both the Broadway Bridge as well as the downtown expressway. It was originally built by OPUS for Populous Architecture in 2005.

Building features include attached covered parking, floor to ceiling glass, column-free floor plates with exposed ceilings, and roof top patio with expansive views. There is a bike share station on-site, with over 3,060 apartments within walking or biking distance. The Streetcar conveniently stops 1 block away from 3Y, creating an easy connection to the entire downtown, running south to Union Station. The building is also dog friendly.

With suites ranging from 5,000 to 24,000 square feet, the building offers a one-of-a- kind location for Kansas City’s fastest growing companies. The building is owned by New York based real estate private equity firm, Somera Road. Somera recently doubled down on its investments in Kansas City with the acquisition of the 657,000 square foot Lightwell Office building located in the heart of downtown Kansas City.

Click here to download marketing package

FOR MORE INFORMATION:
Tim Schaffer – 816.876.2535
Sean Craven – 816.777.2838
Hank Simpson– 816.777.2859