JPMorgan Chase will open full-service bank in former Dean & Deluca space

The former Dean & Deluca space at Town Center Plaza in Leawood, Kan. will find new life as a full-service retail bank, part of JPMorgan Chase's push into the Kansas City market and deeper into Bank of America markets.

The largest bank in the U.S. has signed a lease to expand into the 9,000-square foot former gourmet food purveyor located at the northwest corner of Roe Avenue and 119th Street. An exact opening date is unclear.

Scott K. Miller and Adam Blue of AREA Real Estate Advisors brokered the lease on behalf of the building's owner. The deal comes less than a year after the prime retail outparcel adjacent to Town Center Plaza hit the market.

"We had a lot of interest from premier retailers due to its high-profile location," Miller said. "Everything from restaurants to service retailers and soft goods retailers looked at the space. Ultimately the best fit for everybody ended up being JPMorgan Chase."

Jeff Berg and Coleby Henzlik of Colliers International represented JPMorgan Chase in the transaction.

Last week, JPMorgan Chase announced plans to open its first full-service Kansas City area locations in 2019, with up to 15 branches in the works, according to The Kansas City Business Journal.

McCarthy Building Companies celebrates WIC Week 2019

McCarthy Building Companies celebrated Women in Construction Week 2019 by highlighting four female professionals working on high-profile construction projects. Here are some career insights from McCarthy's KC female pros:

"I love seeing a project through. This is huge project and there are hundreds of little projects within it and being able to see all of your hard work transpire into something that makes the Tomahawk Creek water treatment plant function is - awesome." -Taylor Meulemans, project engineer, Tomahawk Creek Wastewater Treatment Facility Expansion project

"I've worked on healthcare jobs and schools and now wastewater treatment. There are still those same fundamentals that everyone learns but you can learn so much more. There's always something new to learn and someone to teach you." -Devon Murray-Mazany, Tomahawk Creek Wastewater project

"Not a lot of medical examiner facilities are being built so it's a unique experience. It's a mix between a lab and a hospital and it's a cool project." -Autumn Swinson, senior project engineer, Johnson County, Kansas Medical Examiner Facility

"Construction is always changing. You can go from one project to the next and have the same job but it's totally something new and you get to learn new things." -Cara Greenley, project engineer, Tomahawk Creek Wastewater project 

A NAWIC initiative, the focus of WIC Week is to highlight women as a viable component of the construction industry.

Taylor

Game On takeaway: 'Were all technology firms. We just don't know it yet'

The Kansas City region's internationally acclaimed sports construction and AEC industry was the topic of MetroWire Media's Game On Sports and Entertainment Event on Thurs., March 7 at Children's Mercy Park. 

Here are some highlights from our star-studded lineup:

"The conversations we used to have are so outdated, it's amazing. Every year the conversation changes... The stuff that Silicon Valley is developing now will hit the sports industry in a couple years and it will blow your mind." -Andy Heitmann, VP Construction, Turner Construction.

"We're all technology firms. We just don't know it yet... Technology is impacting everything we do... From security to fan engagement, it's driving the fan and athlete experience." -James Dietz, AVP, Henderson Engineers.

“We have spent a lot of time developing sponsorship integrations that create great fan experiences. The idea is that venues and teams have opportunities within the built environment to tell stories using sponsor dollars as opposed to team’s dollars.” -Justin Wood, Partner, Dimensional Innovations

"The most important thing we can do is to create adaptable frameworks for buildings... 5G is on the way and that will transform the experience." -Kelly Holton, senior designer, Populous

"Engaging people with the live experience is our focus and challenge." -Jeff Sittner, Burns & McDonnell Sports Design Build team leader

"How do we take what we know about the fans and deliver what they want? It begins with knowing who is in the building." -Jason Houseworth, President, FanThreeSixty.

Special thanks to Sporting KC Executive Vice President John Moncke for serving as guest speaker and to our Platinum Sponsor, Turner Construction.

Click here to view a slideshow of our Game On event!

San Francisco multifamily investor enters KC market

San Francisco-based real estate investment firm Hamilton Zanze (HZ)  has acquired the 272-unit Metcalf Village Apartments in Overland Park, announcing plans to rebrand the complex at 16201 Travis St. as Boulders at Overland Park Apartments. 

"This community represented a great opportunity to buy new, stabilized product below replacement cost thanks to robust local market momentum," said David Nelson, HZ managing director of acquisitions.

Built in 2017, the 261,000-square foot community attracted the west coast investment firm in part because of its location in the nationally ranked Blue Valley School District. 

"Overland Park has been a target market for our acquisitions team, and we are excited to have found a perfect acquisition to fit our criteria," Nelson added. "We look forward to further growing our presence in Kansas in the years to come."

Boulders at Overland Park will offer a mix of one-, two-, and three-bedroom units well-suited for both single and family occupancy. HZ plans to upgrade the property's landscape and lighting. 

Property management responsibilities will be transitioned to Mission Rock Residential, a Denver-based affiliate company of HZ. The purchase closed February 28. For more information, click here.  

Will Mathews, Bob Galamba, and Gabe Tovar of the Colliers East Region Group facilitated the transaction. The community was sold by JA Murphy Group and purchased by Hamilton Zanze.

Since 2001, Hamilton Zanze has acquired over $3.3 billion in multifamily assets in 14 states across the U.S. The company currently owns and operates 83 properties with over 19,000 units. 

West Bottoms’ first micro apartment project moves forward

A Cleveland-based developer has secured $52 million in financing for its West Bottoms Flats multifamily project, clearing another hurdle in its effort to redevelop five historic warehouse buildings into so-called micro apartments.

The $66 million redevelopment includes 265 one-room apartments plus structured parking and more than 5,000 square feet of commercial space. Grandbridge Real Estate Capital LLC and Brown Gibbons Lang & Co. LLC facilitated the finance package on behalf of MCM Co. Inc.

With an average footprint of about 600 square feet, micro apartments-or microflats- are considered the next frontier in multifamily housing. Designed to appeal to Millennials, the units are self-contained living spaces that include a kitchenette, sitting space, sleeping space, and bathroom. With completion targeted for 2020, West Bottoms Flats apartments are expected to rent for between $1,000 and $1,200 a month.

“The target market is young professionals who desire smaller units at a lower price point in a heavily dense, urban community with strong neighborhood amenities and connectivity,” said Doug Bates, Grandbridge vice president for the Kansas City market. “The concept is relatively new to Kansas City, but other Midwestern cities have a seen a great deal of deliveries and success with this concept.”

Situated on 2.4 acres between Ninth Street and St. Louis Avenue, Hickory and Wyoming streets, West Bottoms Flats is the first historic multifamily project in the West Bottoms neighborhood just west of Downtown Kansas City and the first metro-area project for MCM Co. Inc.

“Given its linkages to and the strong demand drivers in the neighboring River Market, Downtown, and Crossroads markets, the West Bottoms is well positioned to be the up and coming urban lifestyle community in Kansas City,” Bates added.

The financing package includes more than $24 million in federal and state historic tax credits equity secured through partners Enhanced Capital and Historic Equity Inc., as well as a $31.85 million senior construction loan and $20 million historic tax credit bridge loan. Project lenders include Kansas City-based Blue Ridge Bank & Trust, Jefferson City-based Hawthorn Bank, and Ohio-based Huntington National Bank.

A variety of incentives and abatements were secured through programs administered by the City of Kansas City and Jackson County, Missouri.