Earlier this month, numerous properties in the Freight House District and in the 3700 block of Main Street were auctioned off to the highest bidders. Recently we caught up with Gib Kerr, who handled the sales along with David E. Gilmore and DonErler of Sperry Van Ness.
How did the auction go?
The recent auction generated a lot of excitement and a flurry of activity. We are pleased to have sold 12 of the 15 properties, and we are negotiating with prospective buyers on the 3 remaining buildings. We are achieving our objective to liquidate the estate, so we consider this to be a very successful event.
What are those 3 buildings?
We’re in negotiations or have commitments for the 21,825-square-foot Creamery Building at 2100 Central Ave.; the 36,676-square-foot Columbia Building at 2006-2014 Wyandotte St.; and the 14,699-square-foot Jacobson Building at 2030 Central Ave.
What does this liquidation mean to the area?
As the buyers take ownership of these properties in the next month, I think we can expect a mini-construction boom in the Freight House District and on Main Street in Midtown. All of the buyers have immediate renovation plans which will result in a huge economic shot in the arm for those areas. It’s good news for Kansas City.”
We heard a Rockhurst High School graduate bought one of the properties?
On May 6, Adam Blake was the high bidder for two historic buildings in the Crossroads Arts District. He’s a local boy, and the founder of Atlas Properties in Fort Worth, Texas, and he bid $1.1 million for the Pabst and Pendergast buildings at 2101 and 2107 Central Ave.
Why was this auction so popular?
The estate of the late Kansas City developer Tom Levitt was auctioned off, so interest was high. Also, Levitt had worked hard to obtain developer incentives ranging from abatements to tax increment financing to historic tax credits for the various buildings. The auction included 8 historic buildings and 2 parking lots in the Freight House District, and 3 buildings and 2 parking lots in the 3700 block of Main St.
Why is this area so popular with investors?
The Freight House buildings are eligible for historic tax credits up to 45 percent or qualified redevelopment costs. This area has been reborn over the last decade as a cultural, commercial and residential center of Kansas City. Featuring new streetscapes, outstanding restaurants, hundreds of loft apartments and a vibrant arts scene, its has become a sought-after urban environment. The Main Street buildings up for auction also include historic tax credits and other incentives. This area serves as a vital connection between downtown and the Country Club Plaza. It is experiencing an economic renaissance as many new businesses and residents are relocating to the area.