Levitt Estate Announces Auction for K.C. Freight House District & Main Street Properties

KANSAS CITY, Mo., March 22 /PRNewswire/ — The estate of Kansas City developer Tom Levitt has scheduled a “Dual Bid” auction for fifteen properties located in Kansas City’s Freight House District and on Main Street.  Sealed bids are due on April 29 with an auction scheduled for May 6.

Prior to his death in September, 2009, Mr. Levitt succeeded in obtaining a myriad of economic development incentives for these properties, including Tax Increment Financing, historic tax credits and tax abatement.

The Freight House properties, consisting of eight buildings and two parking lots, are in the existing 22nd and Main Tax Increment Financing Plan, providing future developers with up to $9.3 million in potential TIF reimbursements.  Additionally, all of the Freight House buildings are eligible for state and federal historic tax credits equal to 45% of qualified redevelopment costs.  Furthermore, these properties are within an Enhanced Enterprise Zone.

The Main Street properties are within an approved Planned Industrial Expansion Authority (PIEA) District, providing a developer or owner-occupant with twenty-five years of reduced property taxes. Additionally, the Goodenow Building at 3710 Main Street is eligible for state and federal historic tax credits.

Four properties will be sold absolute with “no minimum or reserve, to the highest bidders”.  These include 2107 Central, the 90,600 square foot Pabst Building, 2101 Central, the 15,100 square foot Pendergast Building and 2114 Wyandotte, a 34 space parking lot, all to be sold as a package.  In addition, 2000 – 2004 Washington, a 3,574 square foot warehouse building will be offered absolute with no minimum or reserve.

Additional Freight House properties offered include:

• 2100 Central:  3 story, 21,825 sf. Creamery Building
• 2101 Broadway:  3 story, 43,650 sf. Candle Building
• 303 – 315 Southwest Blvd.: 31 space Gateway Parking Lot
• 2030 Central:  1 story, 14,699 sf. Jacobson Building
• 2006 – 2014 Wyandotte:  3story, 36,676 sf. Columbia Building
• 2020 Wyandotte: 1 story, 2,988 sf. Boiler Building
• 214 West 21st St.:  2 Story, 5,639 sf. Box Building

Main Street Properties include:

• 3710 Main:  3 story, 38,164 sf. Goodenow Building
• 3737 Main:  Historic Tri-Plex
• 3741 Main:  Historic Tri-Plex
• 3745 Main:  Commercial Lot

Sperry Van Ness Accelerated Marketing has been commissioned to market the estate properties at auction.  The Sperry Van Ness team is lead by Kansas City advisor, Gib Kerr, CCIM, along with national auctioneers, David E. Gilmore, CCIM and Don Erler, CAI.  Interested bidders should visit www.svnauctions.com for a detailed information package on each property or contact Gib Kerr at 816-303-2117.

The Sperry Van Ness Accelerated Marketing team has conducted successful auctions, sealed bids and asset dispositions throughout the United States, Mexico, Puerto Rico and the Virgin Islands.  Founded in 1987, Sperry Van Ness is one of the largest commercial real estate firms in the industry, with more than 900 advisors in over 150 locations.