A former Ramada Inn near Kansas City International Airport is on the market with a $4.25 million asking price after plans to convert it into apartments never came to pass.
The empty hotel off Interstate 29 on Tiffany Springs Road was to become market-rate apartments after an affiliate of New Jersey real estate firm Meecorp Capital Markets bought the hotel out of foreclosure in 2006.
Meecorp received a tax abatement on the property from the Planned Industrial Expansion Authority in 2013.
“The abatement certainly makes it look more attractive,” said Bob Mayer, a Kansas City real estate consultant helping Meecorp with the sale of the property.
The abatement was connected to Meecorp’s $50 million plans to fix up the vacant building into 101 market-rate apartments and later construct two apartment towers.
A website for the proposal, dubbed Seven 301, still exists. It showcases visions of the luxury apartments Meecorp had planned, including an infinity pool, an exercise room and a washroom for pets.
Mayer said an opportunity to get bank financing shortly after receiving the expansion authority abatement fell through.
“They had a very difficult time getting financing in the Kansas City market,” Mayer said.
Since then, there’s been little activity at 7301 Tiffany Springs Road, save for the occasional police call for minor property crimes.
“We put a lot of time and effort into our vision for (the) property but — at the end of the day — we weren’t able to rally enough support for the project,” said Sharon Edrei, director of asset management at Meecorp. “Our hope is that someone else — preferably someone local — will recognize the site’s enormous potential and do what we couldn’t.”
Platte County records show property taxes due for 2014 ($77,534) and 2015 ($77,290) remain outstanding. Mayer said the seller plans to bring the taxes current.