A historic Kansas City, Missouri, property that music lovers will know for housing popular restaurant and music venue recordBar traded hands in September to a new owner, marking the sale of a piece of Kansas City history where a potential revamp is in the works.
In recognition, the sale earned a 2024 CoStar Impact Award for sale/acquisition of the year. The winners are chosen by independent panels of industry professionals who work in the markets they judge.
Built in 1911 and completely removed in 2008, the unique property at 1520 Grand Blvd. was also home to Terrace on Grand before the award-winning wedding venue closed in 2022 and consolidated its operations to its other location. The latest plans for the 20,191-square-foot, three-story building include recordBar remaining on the mezzanine and first floor, the second floor being converted into creative office space and the third floor providing space for meetings and events that could spill over to the rooftop in warmer months. The basement also has potential as a garage for a small car collection or a full kitchen with a walk-in.
The property is located in the Walnut Street Warehouse and Commercial Historic District where a rising tide of retail and office redevelopment surrounds it. The rooftop may also wind up with views of the new Kansas City Royals ballpark with the old Kansas City Star printing press pavilion being proposed as a site for the team.
About the Deal: The property was initially offered as an investment before the sellers repositioned the listing to appeal to an owner-user. The sellers also agreed to lower the price by $150,000, putting the property below $150 per square foot. Over 20 confidentiality agreements were executed in 12 months, and within three months of the price adjustment, the property was under contract. The sale closed in about 45 days at a little more than $2.6 million, or about $130 per square foot.
What the Judges Said: “I appreciate the retail nature of this project, and bringing a building to life, with any older building in the urban core, I'm certain it was challenging to pull together," said Sheryl Vickers, owner of Select Sites.
They Made It Happen: Christel Highland and Aaron Mesmer of Block Real Estate Services.