Below is current news from MR Capital Advisors.
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Annual Report - 13 Years in Review
It is a great time to look back and reflect as the year ends.
It is hard to believe 13 years have passed since I founded M R Capital Advisors LLC. During that time we have seen all the ups and downs in real estate, including the Great Recession of 2007-2008 that impacted real estate. It almost created severe meltdowns of the American and world economy.
Thank God, those days are now passed. 2015 has seen a good year for both residential and commercial real estate. M R Capital Advisors has shared that success with several commercial and multifamily projects.
Nothing comes easy in commercial real estate. But when success comes, it is worth the wait. As an example, a seven-year wait for The East 9 at Pickwick Plaza in Downtown Kansas City.
That’s what keeps us going! Here’s to the next 13 years!
Bob Mayer
President
Click to view our full annual report: http://2015annual.mrcapitaladvisors.com
Mr. Bob Mayer will become President of KCRAR Commercial in 2016
We are thrilled to announce that Bob Mayer, President of M R Capital Advisors, will become President of KCRAR Commercial in 2016.
Being an adjunct professor at University of Missouri-Kansas City, former Vice President of GMAC Commercial Mortgage, former Chairman of the Kansas City Tax Increment Finance Commission, Mr. Mayer has over 35 years of extensive experience in economic development analysis, tax incentives, private loan placement and real estate development.
Developers ready to roll on $100M Federal Reserve hotel project
The partnership planning to redevelop the Federal Reserve Bank of Kansas City’s former headquarters at 925 Grand Blvd. is ready to move forward with what will be the ninth downtown hotel project in the pipeline.
Bob Mayer of MR Capital Advisors LLC, who is assisting with the project, said it also will benefit the city by helping spread the downtown renaissance that started on the south side of the loop to the north side.
Mayer also is involved in Gold Crown Properties Inc.’s $55 million project to turn the historic Pickwick Plaza Hotel into 260 market-rate apartments. The Pickwick, 933 McGee St., is just one block east of the old Federal Reserve building.
The north loop area surrounding the two historic buildings is “a ghost zone,” Mayer said, but redevelopment of the buildings will breathe new life into the area.
Find out more on Kansas City Business Journal: http://goo.gl/MXVuUU
LCRA asked to support $55M restoration of Pickwick Hotel complex.
A development partnership is seeking a property tax abatement and historic tax credits in support of its plan to turn the vacant, 1930 buildings into 260 apartments and 32,000 square feet of commercial space. Find out more on Kansas City Business Journal: http://bit.ly/1CcEBo7
Foes may fight KC energy-use reporting mandate at state level.
A proposed ordinance would require owners of large buildings to disclose their energy and water use — or face penalties of up to $2,000 a building. Find out more on Kansas City Business Journal: http://bit.ly/1LeRupT
Parties agree on support level for $30M West Bottoms apartment conversion
New owners of the historic Ridenour-Baker Grocery Co. building and three adjacent West Bottoms structures plan to turn them into 251 affordable apartments. Find out more on Kansas City Business Journal: http://bit.ly/1R7jQBd
Multifamily Market in Kansas City
The multifamily market in Kansas City and in most of US is very active right now. We are looking at good development opportunities every week now. How long you all think this cycle will last?
The Federal Reserve forcasts that the multi-family momentum will continue thru 2018. I agree and said so in Winter edition of The KC Federal Reserve Magazine called TEN.
Currently in the summer 2015, M R Capital Advisors is assisting with the development and financing of an A class apartment in Kansas City, North, Platte County.
East 9 at the Pickwick Plaza
M R Capital Advisors is actively working with the Developers of a historic Building in the heart downtown Kansas City, Missouri called the East 9 at the Pickwick Plaza. This will be 200 plus market rate affordable units near the across from the Old Federal Reserve, that is being proposed as a Hotel.
This project expects to break ground in summer, 2015.
Seven301 Luxury Apartments
The Planned Industrial Expansion Authority the Seven301 Luxury Apartments, located near the KCI Airport, was approved for 10 years tax abatement. The Platte County Economic Development Commission and the Park Hill School District were very instrumental in assisting this abatement to occur. This is the first PIEA project of it's type within Kansas City, Platte County. Also the cooperation that Kansas City, Missouri provided was excellent.