Pabst

DDEquity partners with Aparium to develop luxury Hotel in the Crossroads

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DDEquity recently sold a majority stake in the Pabst and Pendergast buildings in the Crossroads of Kansas City and partnered with Aparium Hotel Group out of Chicago, IL to co-develop a 132 unit Hotel.  Aparium Hotel Group & DDEquity will transform the historic Pabst and Pendergast landmark buildings into an upscale, independently-branded hotel. Scheduled for a Fall 2018 opening, the hotel is being designed by local architectural firm el dorado inc. and will feature 132 guest rooms, meeting spaces and a restaurant, as well as a bar and rooftop terrace. 

Constructed in 1911 as a bottling and distribution plant for The Pabst Brewing Company, the building was also once used for beer and liquor distribution during Prohibition. This transformation represents another Aparium project aimed at fostering the development of a dynamic local neighborhood. The opening of this hotel will add further energy to the burgeoning Crossroads Arts District neighborhood, and will welcome locals and travelers alike to experience a new and unique destination.

Link to Kansas City Business Journal article

Former Levitt-owned Crossroads buildings will get tax abatements

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Kansas City Business Journal by Steve Vockrodt

August 24, 2012

Kansas City’s Planned Industrial Expansion Authority extended a tax abatement district to take in three additional buildings in the Crossroads Arts District.

The expansion of the Stuart Hall Plan makes three buildings owned by Gary Hassenflu and Jordon Ringel eligible for standard PIEA abatement of 100 percent of increased property taxes for 10 years and a 50 percent abatement for the following 15 years.

Longtime Crossroads developer Tom Levitt had owned the buildings, along Central Street near the Freighthouse District. Levitt died in 2009.

Proposals for redeveloping the historic buildings are worth more than $20 million total.

Ringel, founder of DDEquity LLC in Dallas and co-founder of solar energy company Brightergy, bought the Pabst Building and the neighboring Pendergast Building at 21st and Central streets with real estate partner Adam Blake. Ringel has split off from Blake, whose interest primarily was in Brightergy; Ringel wanted to concentrate on real estate.

Ringel said he has leased half of the two-story, 15,000-square-foot Pendergast Building to an as-of-yet unnamed restaurant and bar concept. The rest is being offered for office space. Redevelopment is estimated to cost $3 million.

Ringel plans a $13 million redevelopment of the Pabst Building. He proposes office and multifamily uses for the four-story, 91,000-square-foot building.

Plans for the Pabst Building are on the back burner, he said, because of a lack of existing parking.

“If a user came to me, I could start poking around to acquire parking for it,” he said. “Until that happens, it’s a waiting game on the four-story building.”

Hassenflu’s Creamery Building, also at 21st and Central, faces a similar situation. Plans for the 21,000-square-foot building include 14 residential units and 2,100 square feet of office space that would include room for his real estate firm, Garrison Cos., which now has its headquarters in the River Market area.

He said he has received inquiries and is willing to change plans to allow for a tenant to use all the space for an office.

“I’ve got to design my project as it is right now,” he said. “I can always remain flexible enough to amend to another use.”

Link to Kansas City Business Journal Article