offering memorandum park place development · property features asking price $3,800,000 2.77 class...

KW COMMERCIAL

11005 Metcalf Avenue

Overland Park, KS 66210PAUL BYERSDirector0 913.909.9700C [email protected]

DON BROWNAssociateO 913.568.5972C [email protected] #SP00047865 - MO #2015038920

Park Place Development

OFFERING MEMORANDUM

PRESENTED BY:

3000 PENNSYLVANIA AVENUE, KANSAS CITY, MO

OFFERING MEMORANDUM

www.kwcommercial.com 2

KW COMMERCIAL

11005 Metcalf Avenue

Overland Park, KS 66210

Confidentiality & Disclaimer

PAUL BYERSDirector0 913.909.9700C [email protected]

DON BROWNAssociateO 913.568.5972C [email protected] #SP00047865 - MO #2015038920

All materials and information received or derived from KW Commercial its directors, officers, agents, advisors, affiliates and/or any third partysources are provided without representation or warranty as to completeness , veracity, or accuracy, condition of the property, compliance orlack of compliance with applicable governmental requirements, developability or suitability, financial performance of the property, projectedfinancial performance of the property for any party’s intended use or any and all other matters.

Neither KW Commercial its directors, officers, agents, advisors, or affiliates makes any representation or warranty, express or implied, as toaccuracy or completeness of the materials or information provided, derived, or received. Materials and information from any source, whetherwritten or verbal, that may be furnished for review are not a substitute for a party’s active conduct of its own due diligence to determine theseand other matters of significance to such party. KW Commercial will not investigate or verify any such matters or conduct due diligence for aparty unless otherwise agreed in writing.

EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE.

Any party contemplating or under contract or in escrow for a transaction is urged to verify all information and to conduct their own inspectionsand investigations including through appropriate third party independent professionals selected by such party. All financial data should beverified by the party including by obtaining and reading applicable documents and reports and consulting appropriate independentprofessionals. KW Commercial makes no warranties and/or representations regarding the veracity, completeness, or relevance of any financialdata or assumptions. KW Commercial does not serve as a financial advisor to any party regarding any proposed transaction.

All data and assumptions regarding financial performance, including that used for financial modeling purposes, may differ from actual data orperformance. Any estimates of market rents and/or projected rents that may be provided to a party do not necessarily mean that rents can beestablished at or increased to that level. Parties must evaluate any applicable contractual and governmental limitations as well as marketconditions,vacancy factors and other issues in order to determine rents from or for the property. Legal questions should be discussed by theparty with an attorney. Tax questions should be discussed by the party with a certified public accountant or tax attorney. Title questions shouldbe discussed by the party with a title officer or attorney. Questions regarding the condition of the property and whether the property complieswith applicable governmental requirements should be discussed by the party with appropriate engineers, architects, contractors, otherconsultants and governmental agencies. All properties and services are marketed by Overland Park in compliance with all applicable fairhousing and equal opportunity laws.

We obtained the information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty orrepresentation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, orwithdrawal without notice. We include projections, opinions, assumptions or estimates for example only, and they may not represent current or future performance ofthe property. You and your tax and legal advisors should conduct your own investigation of the property and transaction.

OFFERING MEMORANDUM

PRESENTED BY:

KANSAS CITY, MO

http://www.kwcommercial.com


PROPERTY INFORMATION

1 | PROPERTY INFORMATION

EXECUTIVE SUMMARY

PROPERTY DESCRIPTION

PROPERTY DETAILS

COMPLETE HIGHLIGHTS

ADDITIONAL PHOTOS

1PROPERTY INFORMATION

PARK PLACE DEVELOPMENT


PROPOSAL FOR COMMERCIAL SERVICES

OFFERING MEMORANDUM


Executive Summary

PARK PLACE DEVELOPMENT 1 | PROPERTY INFORMATION

PROPERTY OVERVIEWThis 2.77 acres property currently consists of an open lot facing 31stStreet with an adjacent parking structure consisting of approximately600 available parking spaces. Current configuration offers suchdiverse prospective uses as apartments, hotel, restaurant, and office/corporate headquarters. The property readily lends itself to streetlevel retail as a highlighted feature along 31st Street.

PROPERTY FEATURESAsking price $3,800,000

2.77 Class A acres ready for development

Four levels of existing parking structure (800 +/- spaces).Note that One Park Place condominium residents haveperpetual easement for entire Level B. Three levels (600+/-spaces) for sale along with acreage.

Outstanding Midtown development opportunity for hotel,multi-family, street-level retail, offices, or corporateheadquarters

Close to key entertainment areas of Crossroads, Midtown,Downtown Kansas City, The Country Club Plaza

SALE PRICE: $3,800,000

PRICE PER ACRE:$1,371,841

LOT SIZE: 2.77 Acres

APN #: 29-910-16-03-00-0-00-000

CROSS STREETS:

Summit St. And 31st Street To The

West And Pennsylvania And 31st

Street To The East



PROPERTY OVERVIEWThis 2.77 acres property currently consists of an open lotfacing 31st Street with an adjacent parking structureconsisting of approximately 600 parking spaces. Currentconfiguration offers such diverse prospective uses asapartments, hotel, restaurant, and office/corporateheadquarters. The property readily lends itself to street levelretail as a highlighted feature along 31st Street.

LOCATION OVERVIEWThe property is located adjacent to the former BMA Towerwhich is now One Park Place Condominiums on 31st Streetbetween Summit to the west and Pennsylvania to the east.

Property Description




Property Details



PROPERTY NAME: Park Place Development

STREET ADDRESS: 3000 Pennsylvania Avenue

CITY, STATE, ZIP: Kansas City, MO 64108

APN: 29-910-16-03-00-0-00-000


Complete Highlights


PROPERTY HIGHLIGHTS

• Asking price $3,800,000

• 2.77 Class A acres ready for development

• Four levels of existing parking structure (800 +/- spaces).Note that One Park Place condominium residents haveperpetual easement for entire Level B. Three levels (600+/-spaces) for sale along with acreage.

• Outstanding Midtown development opportunity for hotel,multi-family, street-level retail, offices, or corporateheadquarters

• Close to key entertainment areas of Crossroads, Midtown,Downtown Kansas City, The Country Club Plaza

• Adjacent to Penn Valley Park




Additional Photos



LOCATION INFORMATION

2 | LOCATION INFORMATION

REGIONAL MAP

LOCATION MAPS

AERIAL MAP

2LOCATION INFORMATION




OFFERING MEMORANDUM

3000 Pennsylvania Avenue

Regional Map

PARK PLACE DEVELOPMENT 2 | LOCATION INFORMATION




Location Maps



Aerial Map




DEMOGRAPHICS

3 | DEMOGRAPHICS

DEMOGRAPHICS MAP

3DEMOGRAPHICS




OFFERING MEMORANDUM


* Demographic data derived from 2010 US Census

Demographics Map

PARK PLACE DEVELOPMENT 3 | DEMOGRAPHICS

ETHNICITY 1 MILE 3 MILES 5 MILES

% HISPANIC 24.8% 14.5% 18.1%

RACE 1 MILE 3 MILES 5 MILES

% WHITE 61.5% 56.7% 52.4%

% BLACK 16.9% 31.7% 35.2%

% ASIAN 2.3% 2.8% 2.3%

% HAWAIIAN 0.1% 0.1% 0.1%

% INDIAN 0.8% 0.5% 0.6%

% OTHER 13.1% 5.4% 6.3%

POPULATION 1 MILE 3 MILES 5 MILES

TOTAL POPULATION 11,055 94,512 255,961

MEDIAN AGE 38.0 34.3 34.9

MEDIAN AGE (MALE) 39.0 33.6 34.0

MEDIAN AGE (FEMALE) 36.6 34.2 35.1

HOUSEHOLDS & INCOME 1 MILE 3 MILES 5 MILES

TOTAL HOUSEHOLDS 6,150 47,829 111,103

# OF PERSONS PER HH 1.8 2.0 2.3

AVERAGE HH INCOME $51,959 $52,306 $56,356

AVERAGE HOUSE VALUE $190,676 $191,475 $213,179


offering memorandum park place development · property features asking price $3,800,000 2.77 class...

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