By Laura Calugar
UC Funds and Gold Crown Properties Inc. opened East 9 at Pickwick Plaza, an apartment and retail community in Kansas City, Mo. East 9 at Pickwick Plaza features 260 units and 35,000 square feet of retail space on the first floor. The two companies worked together to structure and fund a $57 million capital solution for the project, which included a $30 million first mortgage loan, federal and state tax credits and equity. UC Funds also helped the borrower arrange federal tax credits for redevelopment through the National Park Service.
Situated at 933 McGee St., East 9 at Pickwick Plaza is located in close proximity to interstates 35, 70 and 670. Due to its location, the asset has attracted a diverse group of renters, many of whom are Millennials looking to move to downtown Kansas City.
The redevelopment of the former four buildings on the site needed 22 months of construction works. The original property included an 11-story hotel, originally built in 1930 and known for its popularity among presidents who visited the city, a former bus terminal, an office building and a parking garage. According to Yardi Matrix data, the new luxury building now features two apartment towers with 49 studios, ranging from 353 square feet to 597 square feet, as well as 171 one- and 39 two-bedroom units.
- a fitness center
- community rooms
- a swimming pool
- a business center
- wine lockers and a tasting room
- free Wi-Fi
- a spa
- 314 parking spaces
The lobby of East 9 at Pickwick Plaza is decorated with ornate chandeliers and sconces, designed and built by local artist Joe Munson, who also created the exterior blade sign and all commercial retail signage. More than 60 percent of the units are already leased. All apartments are expected to be fully leased by the end of 2017. According to the Kansas City Star, tenants of the commercial spaces include a UPS Store, City Gym and a restaurant and bar.
”UC Funds has been extremely active in Kansas City and many other urban downtowns throughout the country, bringing millennials together to ‘live, work, and play’. This asset is likely to spur increased development in its growing corner of the city,” said UC Funds Chief Credit Officer Jeremy Ross in a prepared statement.
Metropolitan Capital Advisors, MR Capital Advisors, Rosin Preservation, HarenLaughlin Construction, Helix Architecture + Design and Krudwig Structural Engineers were also involved in the project.
Image courtesy of East 9 at Pickwick Plaza website