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The announcement that a new $300 million convention headquarters hotel will be developed on the American Hereford Association site just south of the downtown freeway loop is having a bullish effect on nearby real estate, inside and outside the loop.
The new 800-room Hyatt is planned for a nearly 3-acre site bounded by Interstate 670 on the north, 16th Street on the south, Baltimore Avenue on the east and Wyandotte Street on the west.
The American Hereford Association occupies a low-rise office building on the site and owns about 25 percent of the site. The city owns the rest of the site and plans to donate it to the convention hotel developers.
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Whitney Kerr Sr., a veteran real estate broker with DTZ's Kansas City office, said the American Hereford site is part of 18 acres he assembled in the early 1990s between I-670, 17th Street, Broadway and Baltimore for a convention hotel he and Ross Perot Jr. proposed. It was never built.
Kerr said he sold the land in 1999 to Julia Irene Kauffman, who donated part of it for the Kauffman Center for the Performing Arts. That $400 million-plus landmark was built just southwest of the intersection of 16th and Wyandotte, which has become a crucial development crossroads for Downtown. The new Hyatt will rise on the the northeast corner of the intersection, and the northwest corner is occupied by the southern end of the Kansas City Convention Center's Grand Ballroom, which was built over I-670.
Kerr said Julia Irene Kauffman sold the city its portion of the new Hyatt site and land on the south side of the ballroom for $53 a square foot in 2004.
Read Full Story: Convention hotel will create real estate ripples
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