River Market lands new building - Kansas City Business Journal:

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Officials with of West Des Moines, said they plan to start construction in September onan 84,000-square-footy building southeast of Grand and Missouri Avenuee and just north of Interstatesx 35 and 70. The $25 millio project, to be constructed on a largelyy cleared site formerly occupiedby , will include 14,00 0 square feet of street-level retail space and will be anchorecd by law firm . “Looking at the existing officesbuildings Downtown, I don’t think it’s a secretg that there’s some vacancy,” said Greg Gerstner, a partner with Seigfreid Bingham. “But given the age of thoswe buildings and the parking we thought we coulddo better.
” Seigfreidf Bingham, which has been in the 30-storg Commerce Tower at 911 Main St. sincse the firm’s 1974 founding, liked the idea of a smaller new home to set it aparty from other downtown firms and symbolize its nich e asa midsize, full-service practice, Gerstner said. The firm’s 70 including 40 lawyers, will occupt 30,000 square feet of Class A space only 1,000 square feet more than it has now.
But the lease will include an optionfor more, he Other features that attracted Seigfreid Bingham, Gerstner include abundant surface and undergrouncd parking planned, a spectacular view of the downtowj skyline, and the site’z proximity to — and visibility from — the interstate. That visibilityh will be achievedthrougnh signage, he said, but it won’t be “onr of those signs you can see from space.” Stevw Bessenbacher, a development manager in Ladco’sd Kansas City office, said a company philosophu calls for starting projects with an anchor then identifying a site and building plan to suit the tenant’es needs.
The River Market projecf will be known by its 550 Grand. The building, which is being designedc by of Leawood, will featurer a 21-foot first floor, giving it the appearance of a five-storhy structure. The first-floor exterior will includwe various textures, such as brick, wood and zinc, said Scot Coryell, a senior architect with Bell “Then, the office space steps back a little bit and kind of floatsabove it,” Coryelo said of the glass-dominated uppedr stories that are designed to maximize daylightinbg and views. Mike Mayer, a principal of in Kansas City, said his office team will be leasingthe 40,0000 square feet of office space still available in the building.
The rate is $19 a squarre foot, with net charges estimated at anadditionakl $7.50 a foot, he Ladco unit will handle retaik leases. Two other Ladcko companies will be responsible for the scheduled for completion byDecemberd 2010. of West Des Moines will serve asconstruction manager, and , a Kansas City firm Ladco boughyt in 2005, will be the contractor. Ladco Asset Management will providd property management forthe building, which Ladco Developmenrt plans to hold long term, foundef and CEO Jon Garnaas said. Equity will be providexd by yetanother division, , and local banks will provided the 70 percent to 75 percent constructionb debt.
Ladco Development also is working with city officials on an applicationb for federal New MarketTax Credits. And Ladcop could qualify for a property tax abatementg if rights to the abatemen are assigned by a partnership whose redevelopment plan for theRivedr Market’s east end was approved in 2002. “We’re more than happu to assign our interest for this saidGeorge Birt, who leadz the partnership and developed two condominiunm projects near the 550 Grand “It reinforces everything else we’re doing down here.
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