Investment Highlights
- 126 Multifamily units and 18,000+ sq ft of retail
- Major tax incentives: 25% State Historic Tax Credits, 20% Federal Historic Tax Credits, 25-year Tax Abatement
- Located on "Main and Main" in the downtown Financial District
- 96 Walking Score - within walking distance to endless demand drivers, including The Power and Light District, T-Mobile Center, Cosentino's Market, and more
- Downtown KC is the largest employment hub in the city, home to over 111k employees
- 21% population growth expected for Downtown by 2030, pushing to 40k residents
- 2 Blocks from KC StreetCar, which provides free transportation to 16 different downtown neighborhoods
- 15 minute drive to Arrowhead, 10 minute drive to Hospital Hill, 10 minute drive to Crown Center
Offering Summary
Matthews Real Estate Investment Services™, in conjunction with,
RI Marketplace, are pleased to present The Scarritt Building and Arcade (the “Property”), a prime mixed-use redevelopment opportunity in the heart of booming downtown Kansas City. Located on “main and main” at the intersection of Grand Blvd and E 9th St, the 12-story tower and adjacent 4-story arcade offers the opportunity to renovate and bring back to life 126 multifamily units plus 18,000 square feet of ground retail. The Scarritt Building will provide residents with the timeless aesthetic of early 20th century Chicago-style architecture, along with modern Class A amenities that high end renters expect.
Originally built in 1906, the Scarritt Building dominated the city’s skyline, known as Kansas City’s “Second Skyscraper”. The Property was listed on the National Register of Historic Places in 1971 and has been pristinely preserved with repeated rehabilitation to protect its historic legacy. In 1985, the Property underwent a notable $14m renovation, which included meticulous restoration of marble, terra cotta, wood, and stone detailing.
The Property is centrally located in the downtown Financial District within walking distance to endless demand drivers and amenities. With an impressive 96 Walking Score, The Property has immediate access to Kansas City’s preeminent dining, nightlife, events, employment, and attractions, including The Power & Light District, T-Mobile Center, River Market, Kauffman Center, Cosentino’s Market, and more.
In the last 5 years Kansas City’s downtown has experienced explosive economic, population, and cultural growth. Off the back of another Super Bowl win, KC’s national exposure has reached unprecedented levels. Continued demand and population growth is expected to push downtown residents to 40,000 by 2030, a 21% increase from today. More than $9.8 billion in major developments have been completed or
are currently under construction in downtown Kansas City.
In addition to a rapidly growing economy, population, and employment base, The Property boasts prodigious tax incentives. The current owner extensively pursued and was awarded:
• 20% Federal Historic Preservation Tax Credits
• 25% State Historic Preservation Tax Credits
• 25-year tax abatement through the Economic Development Corporation of Kansas City: 100% abatement for the first 10 years and 50% for the next 15 years
This is a chance to capitalize on one of the premier submarkets in the country, and to be a part of Kansas
City history.
