Blume Development concept image courtesy of Clockwork Architecture + Design and McClure
Oddo breaks ground on $60 million Sonoma Peak
Heartland Logistics Park breaks ground
$60 million 'The Residences at Galleria' to open in 2022
The Residences at Galleria, a $60 million multifamily complex located adjacent to the former Sprint World Headquarters in the Galleria 115 development in Overland Park, Kan., is set to begin construction this summer and slated to open in 2022.
The four-story, luxury apartment complex is included in the first phase of the 5-plus acre development by Block Real Estate Services, LLC (BRES). The $350 million Galleria mixed-use development master plan includes two apartment buildings, office space, retail and entertainment.
JLL Capital Markets (JLL) arranged $21 million in joint venture equity partnership with Hartford Investment Management Company (“HIMCO”) on behalf of BRES for the development of the 322-unit, Class-A, podium multi-housing community.
"We are excited to partner with HIMCO on this project, and, from the beginning of discussions with them, it was clear that we had a shared vision for the quality of this project and its high-demographics location within Overland Park” said Ken Block, BRES managing principal.
The Residences include 322 one-, two- and three-bedroom units and will average 927 SF. Features include high ceilings, large walk-in closets with custom shelving, high-end appliances and finishes, European-style cabinetry, outdoor terraces, in-unit laundry rooms with full-size washers and dryers, double-paned windows and more.
A hallmark of the new community, designed by Hoefer Wysocki, is the walkable lifestyle. Adjacent to the site is a thriving commercial corridor, multiple entertainment districts, theaters, and endless restaurant choices. Outdoor patios are linked to The Residences by walking trails that encircle greenspace, sitting areas, a rolling rock waterfall and dog park.
"We are very excited to work with Block Real Estate Services on the Galleria. This community will raise the bar on luxury living in the area,” said Hoefer Wysocki vice president and director of multifamily design, Chris Armer, AIA, NCARB.
The project will feature the best community amenities offered in the submarket and include a large resort-style swimming pool with shallow ledge features; pool deck with cabanas, hot tub, sports courts and water features; fitness center with Peloton bikes, massage therapy and virtual training; outdoor group fitness areas; clubhouse with fireplace, game room and social media room; executive business center; dog park and pet spa; and covered and surface parking.
“Galleria will be BRES’ most exciting project to date, building on our successful experiences with this high-end podium product, which allows for a large, outdoor amenity deck and other amenities that are unique in this market,” Block said.
The JLL capital markets debt placement team representing the borrower was led by executive managing director Jody Thornton, senior director Mark Erland, director Matt Benson and analyst Kellan Liem.
Other partners on the development team include Titan, Polsinelli and McClure.
Grocer's Warehouse complex sells to Taing Capital Group
The Grocer’s Warehouse complex, anchored by Hufft Architecture and Fabrication in the historic Roanoke Park neighborhood of Kansas City, Mo., has sold to Taing Capital Group, LLC.
Originally a manufacturing facility built in 1949 by Kansas City grocer Fred Wolferman, the iconic building was redeveloped into creative office and living space in 2015. The 60,000 SF building has seven commercial tenant spaces and studio loft apartments.
Hufft plans to remain in its current space as the GW anchor, along with the other tenants including Studio Lofts, Real Fitness & Conditioning, Pure Workplace Solutions, Roanoke Park Conservancy, MEDiAHEAD and ZancTank Concepts.
“We have realized our master plan for the Grocer’s Warehouse campus and properties. It has been a phenomenal process to see it transform. While our primary roles lie in running Hufft, we were ready for a group to take over the management and all of the responsibilities that come with that. We are very much looking forward to staying a part of the GW campus and Roanoke Park for a long time. The Roanoke Park Conservancy is really to be credited for their efforts in making this location a desired place to work and live. That group holds the original visionaries that believed in this beautiful area of Kansas City,” said Hufft co-founder and principal, Jesse Hufft.
Logan Freeman of Clemons Real Estate and Parker Webb with Third Space Property Group represented the buyer and Pat Murfey of Evergreen Real Estate Services represented the seller in the June 2020 transaction.
"This was a great collaboration between the current ownership group and the new buyers. It was definitely an uphill battle with the pandemic and commercial tenants being a large percentage of the rental income. Securing financing was tricky, but we had a local lender step up who believed in the project as much as we do. Both sides worked together great and are going to continue this vision for the Grocer’s Warehouse and the surrounding Roanoke Park area," Freeman said.
Read previous Grocer’s Warehouse stories by MWM here: