News Friday, June 21, 2013
Folgers Historic Building Acquisition
Springfield, MO, June 21, 2013 - O’Reilly Development Company closed today on the acquisition of the historic Folgers building located in the Garment District of Kansas City, MO. The purchase consists of two separate buildings and an adjoining open parking lot. O’Reilly Development plans to redevelop the property into Class A market rate rental lofts and apartments. The project will utilize federal and state historic credits associated with the historic preservation and adaptive reuse plans for the buildings. The conceptual plan is to convert these buildings into market rate rental apartments in the downtown Kansas City market. This property will be superior to other Class A apartment properties located within the neighborhood and primary market area.
The property consists of two land parcels. The northern land parcel is improved with an asphalt parking lot consisting of approximately 34,080 square feet. The southern land parcel is improved with the two main buildings consisting of approximately 217,000 square feet total. The southern building was built in 1899 and has a gross building area of approximately 137,640 square feet. The northern building was built in 1917 and has a gross building area of approximately 79,520 square feet.
Folgers previous occupied and owned the building but vacated in 2012. The buildings were in full operational capacity up until the time Folgers vacated. Denise Mathisen, Director of Operations & Development of O’Reilly Development noted, “After 13 years of being involved in the historic preservation of buildings placed on the National Register, the Folgers building is by far the most branded regionally across the state of Missouri.”
The conceptual redevelopment plan is to historically renovate the buildings into market rate apartments consisting of a mix of studio, one bedroom-one bath and two bedroom-two bath units. The first floor units will include some with additional loft areas.
The south building will include underground parking in both the basement and sub-basement floors. The north building will have open parking on the adjacent lot. It will also provide over-flow parking for both buildings.
The project will include the best of market rate amenities to include but not limited to fitness facility, lounge and gathering areas, swimming pool and courtyard as well as office and leasing areas.
O’Reilly Development prides itself on the strong and talented partnerships it brings with each successful project. The ownership and team at O’Reilly Development offer multiple years of experience all areas of development and specifically in historic preservation, adaptive reuse projects.
O’Reilly will partner with the following professionals who all have multiple years of experience in their particular profession and specifically with historic preservation projects.
- SWD Architects, Kansas City, MO – architect
- Build, LLC, Springfield, MO – general contracting
- Capital Consultants, St. Louis, MO – project oversight and owner representative
- Block Property Management Company – operations and property management
- Husch Blackwell Sanders – attorneys
- BKD – CPA
This project offers a unique opportunity for all parties involved to participate in one of the last historic preservation projects in the Kansas City downtown area that offers full amenities, on-site parking and beautiful views and location. “Our team is excited for this opportunity to be involved in the redevelopment of such a historic and significant Kansas City landmark,” said Patrick O’Reilly, owner of O’Reilly Development.
The property is located in the Garment District of Kansas City with unique views of the Missouri River. It is within the downtown loop consisting of the Kansas City Power & Light District and River Market area. The area includes the H & R Block Headquarters, JE Dunn Headquarters, Performing Arts Center, Sprint Center and Federal Reserve Bank of Kansas City.
Members of the media can contact Brenda Raynor at 417.459.1936 or firstname.lastname@example.org to schedule interviews.