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AREA Real Estate Advisors

Zona Rosa’s 54th Street Is Renovating

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Zona Rosa’s 54th Street is getting a makeover and a rebrand! This $2 million renovation includes demoing the current bar area and creating a new outdoor recreational area in the courtyard space next door. They will also be expanding their selection to offer 54 beers on tap (served at 29 degrees) and adding a 100-keg cooler.

The outdoor recreational area will be a 10,000 SF addition, which will include 2 large garage doors for outdoor access, 2 pickleball courts, bocce ball, fire pits, outdoor seating, big screen TV, live music and lawn games.

The restaurant is hoping for an October completion. 54th Street has 32 locations over 4 states, with 4 locations in the Kansas City Metro. The Zona Rosa location opened in 2010.

Zona Rosa Town Center is a mixed-use shopping center with many upscale retailers, restaurants, entertainment, office space and luxury apartments.

Zona Rosa Marketing Package

Click here for the Kansas City Star’s article on 54th Street.

Click here for the Fox4 article on 54th Street.

Lightwell Completes Common Area Renovations

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Common area renovations are complete at lightwell in Downtown Kansas City! The 30-story office tower at 1100 Main Street has newly designed and furnished spaces for their tenants including 2 lounges, a training room, multiple conference rooms, and even an art gallery/event space.

The lounge/common areas boast a unique, vintage finish that serve as the perfect place to relax, entertain clients or host informal meetings. Large TVs, a pool table, vintage stereo system and a beverage station offer an array of amenities for lightwell’s tenants. The first floor welcomes tenants and guests with The Haw Contemporary Art Gallery, which features rotating exhibits, and serves as a large event space for up to 438 people. It will include a soon-to-be-announced coffee shop serving all of downtown.

SomeraRoad, lightwell owners, invested in video conferencing technology in all conference areas with state-of-the-art Audio Visual capabilities. Areas range from 6-48 person capacities.

The extraordinary design and construction team behind this work includes HOK Architecture, Hammer Out Design, JE Dunn Construction, Lankford Fendler and photographer Mike Sinclair (photos above).

AREA’s Sean Craven, Hank Simpson & Tim Schaffer are lightwell’s leasing team. AREA also handles all of the Property Management needs for the building.

To download the leasing package, click here.

lightwellkc.com

Ocean Prime Enters KC Market at 46Penn Centre

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The Country Club Plaza‘s newest 14-story office tower development, 46Penn Centre, has hooked its latest tenant. Ocean Prime + Prime Social Rooftop will open this fall in the area’s most popular shopping and dining district. The 8,500 SF restaurant space includes three private dining rooms and a peninsula bar with an extensive menu, including prime steaks, chops, chicken and seafood. Prime Social, the only rooftop venue in Kansas City with views of the Country Club Plaza and Kansas City Metro, will offer weather-proof outdoor dining and a fire pit area on the 5,500 SF lounge. Prime Social will also be available to reserve for private parties and events. Ocean Prime and Prime Social are both new to the Kansas City Market and will bring a unique opportunity for guests to enjoy a meal and/or a cocktail with unmatched views of the city.

Ocean Prime is known to be the ideal place to socialize, talk business, celebrate and indulge. The award-winning restaurant has over 15 locations across the nation. A few of its nearly 20 accolades include Travel and Leisure’s “100 Best Restaurants Worth Splurging On,” Open Table’s “100 Best Restaurants in America for a Big Night Out,” CNBC’s “10 Restaurant Brands to Watch,” and the “Wine Spectator Award of Excellence.”

Ocean Prime + Prime Social Rooftop is one of many concepts Cameron Mitchell Restaurants, LLC (CMR) owns. CMR was formed in 1998 from the consolidation of six then-existing restaurant limited partnerships for the purpose of developing, owning and operating additional restaurants. It currently operates 36 restaurants in 23 states and the District of Columbia, with more in anticipation throughout the next years. CMR strives to exceed the guest’s expectations on every plate, at every table, at every meal, at every restaurant, in every city and state, and to do it time after time.

46Penn is excited to have landed both the Ocean Prime and Prime Social concepts, and CMR is looking forward to its first entry into the Kansas City Market. AREA Real Estate Advisors was happy to assist Block Real Estate Services and the owners of 46Penn Centre with this high quality, high energy “prime” deal!

AREA Insight: A Look Back Over 2020

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AREA looks back over the 2nd half of 2020 with a breakdown of the impact of the pandemic on the commercial real estate markets and the economy, as well as looking to the future and what is expected in 2021.
With input from our senior leadership, our brokers and our analysts, we aim to provide you with the most relevant and recent info including notable deals and important trends in the economy and in the commercial real estate markets.
INDUSTRIAL MARKET: E-commerce growth and re-shoring of U.S. manufacturing is fueling strong industrial growth in KC and throughout the country. That is to say, strong demand and positive market dynamics allows the industrial market to thrive during the pandemic. AREA sees these positive trends continuing in 2021 as the pandemic is accelerating warehouse distribution needs.
MULTIFAMILY MARKET: The pandemic slowed multifamily investment activity in 2020. The outlook remains bullish as investor demand for KC metro area multifamily assets remains strong. As the recovery continues, aided by ultra-low interest rates, expect an uptick in transactions in 2021. With a recovering economy and strong demand, market fundamentals will remain steady.
RETAIL MARKET: All brick and mortar retailers and restaurants have been forced to adapt to the changing consumer environment that was forced on by the pandemic. Retailers will continue to balance and incorporate an omni-channel approach to support online shopping demands.
OFFICE MARKET: New office leases hold asking rates despite increase in sublease space across the metro. Activity ticked up post-lockdown but not to pre-pandemic levels. Vaccine rollout will bring clarity to office users, allowing for increased activity in 2nd half of 2021. The future impact on office usage is yet to be seen, differing by region and industry.
ECONOMIC REVIEW: The pandemic pushed the U.S. economy to the brink in the spring of 2020 with record job losses and total economic disruption. However, with trillions in fiscal aid from Congress and the Fed anchoring interest rates near zero, the economy held on and began to recover as lockdowns lifted. Vaccine breakthroughs and a sooner than expected rollout, bring hope that the economy will recover at a faster clip in the 2nd half of the year.
For more insights, or questions on the information in this report, please reach out to one of our AREA experts.
DOWNLOAD FULL MARKET REPORT

KCBJ Future of Cities Table of Experts Recap

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AREA’s Tim Schaffer recently had the opportunity to sit on the panel of experts for The Kansas City Business Journal’s Future of Cities, talking through the opportunities, challenges and how our city moves forward during and after the pandemic. Moderated by KCBJ’s Stacie Prosser, co-panelists included Burns & McDonnell’s Mike DeBacker and Courtney Dunbar as well as Keystone Community Corporation’s Kevin McGinnis.

These area leaders discussed how Kansas City can sustain its population growth; the effect COVID-19 has had, and will continue to have, on our city; how infrastructure and transportation is changing; the future of office space and remote work environments; and what makes Kansas City attractive and competitive.

Now is a great opportunity for Kansas City and other Midwest cities to attract great companies and great talent. A few of the main factors driving the decision of where to live include livability issues, lifestyle variety across incomes, diversity and inclusivity as well as sustainability.  Kansas City has the diversity and inclusivity, we are historically generous and philanthropic, and we have created an entrepreneurial environment that is appealing to younger generations. Attracting entrepreneurs and new ventures is important to job creation and growth. Our city needs to focus on our talent pool; the skilled workforce availability which includes partnerships with local universities.

A critical part of the growth of our city involves a focus on improving workforce access and regional transportation investment. Less than 10 percent of metro area jobs are accessible by public transit. Our Chamber’s transportation initiative is working to connect people to these corridors of jobs, especially those jobs that are north and south of the city.

While most companies and employees have been successful in working from home, culture is important for every company. The future of hybrid work environments is still unclear and there are differing mindsets, which will effect the future of office space as well.  Some office footprints will decrease, while others will increase to allow employees the space to spread out. The move to higher quality buildings, improved mechanical systems and cleaning crews is giving building owners a competitive advantage by creating thoughtful environments for their tenants.

The pandemic is effecting every industry of our city differently, and much is yet to be seen.  The impact has been significant, both positive and negative, but our city is extremely resilient and our ability to pivot has been incredible.  The positive results of this resiliency are profound, the future is bright and the effects will change our city for the better. What changes and what stays the same? How do we adapt to our new normal and what goes back to the old normal?

Click here to read the full discussion.

Click here for the PDF version of the article.