A major commercial real estate landmark was recently put up for sale in Kansas City, and the many suitors would like to convert it from an office building to another option, according to The New York Times.
The Kansas City Power and Light Building, a 230,000-square-foot property, is still owned by Gailoyd Enterprises Corporation but was put up for sale in the spring with a $17.5 million price tag. It is made for office space, but this will likely change, the news source reported. Other ideas are currently being circulated.
"The issue we're truly dealing with in this market is that there's not that much demand for office space downtown," Gibson Kerr, principal with ReMax Commercial in Kansas City, told the news source. "The real demand is for residential or boutique hotel."
Due to the building being a historical landmark, it is likely that it will receive a significant amount of tax credits at both the state and federal level, the news source added. It is still unknown if the city would be able to aid with further funding, as it is currently struggling with financial issues.