KANSAS CITY—Gailoyd Enterprises Group has just sold the Kansas City’s Power & Light Building to NorthPoint Development of Riverside, MO. The 30-story tower was once the tallest building in the state, but the Art Deco icon lost tenants over the years, and the new owner plans to take advantage of the downtown’s population surge and transform it into a mixed-use development with 200 apartments. The price was not disclosed. Gailoyd attempted to sell the building in 2012, reportedly for $13.75 million, but the deal fell through.

The sale included the 285,000-square-foot building, located at 106 W. 14th St., and about one acre of adjacent land on the north side of the building that NorthPoint will use for parking and 70 new apartment units for a total of 270 new units. The building currently is vacant, and NorthPoint plans to begin construction immediately. Built in 1931, it sits between the convention center and the Power & Light entertainment district, an $850-million project that now provides a host of live music venues, theaters, bars, restaurants and nightclubs.

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