KANSAS CITY—Gailoyd Enterprises Group has justsold the Kansas City's Power & Light Building toNorthPoint Development of Riverside, MO. The30-story tower was once the tallest building in the state, but theArt Deco icon lost tenants over the years, and the new owner plansto take advantage of the downtown'spopulation surge and transform it into a mixed-usedevelopment 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 at106 W. 14th St., and about one acre of adjacent land on the northside of the building that NorthPoint will use for parking and 70new apartment units for a total of 270 new units. The buildingcurrently is vacant, and NorthPoint plans to begin constructionimmediately. Built in 1931, it sits between the convention centerand the Power & Light entertainment district, an $850-millionproject that now provides a host of live music venues, theaters,bars, restaurants and nightclubs.
Cassidy Turley vice president GibKerr represented the seller.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
