Office X Missouri

The Friday Five: The Midwest CRE stories you need to know

The Friday Five Oct 13,ph01
46 Penn Centre

In Kansas City: Block Real Estate Services has high hopes for 46 Penn Centre. In interviews, in fact, Ken Block, managing principal of Block Real Estate Services, that the $78 million high-rise development will become an icon of Kansas City.

The class-A office building will feature 219,000 square feet of office space, more than 7,000 square feet of restaurant space and a covered parking garage.

Its location, though, is key. The tower will rise in the Country Club Plaza area of downtown Kansas City, a hotspot offering an eclectic mix of retail and dining options. The 14-story 46 Penn Centre tower, located at 4622 Pennsylvania Ave., will be the first multi-tenant office building completed in the Country Club Plaza area since the Plaza Colonade, 11 stories tall, opened back in 2005.

In Detroit: Detroit is going vertical, at least according to Dan Gilbert, founder of Quicken Loans and the busiest investor in the Michigan city.

The Click On Detroit Website recently ran a feature on the latest initiative by Gilbert to rejuvenate Detroit. His newest plan, called Bedrock, will include four projects that are expected to generate up to 15,000 construction jobs and 9,000 permanent jobs in downtown Detroit.

The Detroit Brownfield Redevelopment Authority is expected to study Gilbert’s plans. It’s the first step toward earning state financing for the project, which includes the city’s Hudson’s site, Monroe Blocks, Book Tower and One Campus Martius.

Gilbert said that his Detroit downtown plans will be going up. Vertical construction is key in downtown Detroit because the city is at full occupancy for both residential and commercial space in both the Midtown and downtown areas of the city. Gilbert said that big rejuvenation plans such as his are key for any city that wants to attract interest from Amazon, including, perhaps, its HQ2.

In Milwaukee: The city of Milwaukee has big plans for its port area, a large mixed-use project that would include a river walk, park and a mix of offices, housing and light industrial buildings.

According to this story from the Milwaukee Journal Sentinel, the plans for Milwaukee's harbor area are purely conceptual now, and are definitely in their earliest stages. No developers or construction schedules are attached to them yet.

What is clear, though, is that city officials see potential in Milwaukee's inner harbor area, a slice of the city bordered roughly by South 1st Street, the lakefront, the Milwaukee River and Bay Street/Becher Street, according to the Journal Sentinel.

What will eventually rise in the harbor area? If the city's plans are any indication, it will be something big.

In Dayton: The Dayton, Ohio, area is set for an influx of new apartments, according to a recent feature story in the Dayton Daily News.

Relying on statistics from Colliers International, the Daily News story says that the apartment market in the Dayton area remains extremely tight, with multifamily buildings about 97 percent occupied during the first half of 2017.

An increase in new apartment units might open the multifamily market up a bit. The Daily News said that 1,475 apartment units are now under construction in the Dayton area. This follows the addition of 800 new apartment units added in the city last year.

In Iowa City: Iowa City's Bike Library is moving again ... even though its owners would rather stay put, according to a recent story by the Little Village magazine.

The Bike Library is an interesting business: The nonprofit repairs and refurbishes donated bikes that members of the public can then check out, sort of like taking out a library book. According to Little Village, people checking out a bike leave a deposit, which ranges from $75 to $300, and can then keep the bike for six months.

After that period ends, people can return the bike and get their deposit back, minus a $50 sustainability fee. Renters can also choose to keep the bike. If that happens, the Bike Library keeps the deposit.

The Bike Library, though, will have to move. That's because the 15-story Chauncey Tower mixed-use development, a development that will include residential units, a bowling alley and a movie theater, is taking over the site on which it sits.

This will be the third move for the Bike Library in as many years.