Faultless Linen, with an eye to possible joint-venture redevelopment, is putting 100,000 square feet of building space plus a vacant parcel of land on the market in the Crossroads Arts District.
The three buildings between 18th and 19th streets on Broadway, Central and Washington represent a big redevelopment opportunity near the Kauffman Center for the Performing Arts and other downtown assets.
“There are very few properties of this size remaining in the western portion of the Crossroads Arts District,” said Mark Spence, chief operating officer of the health care linen rental and laundry company. “Our company has spent most of its 120-year history in this neighborhood, and we have taken our time to understand how this redevelopment can support the city’s interest in things like the Kansas City streetcar project, density and the need for parking, all while complementing the unique character of this area.”
The four properties are 1915 Broadway, a three-story, brick masonry building with 36,000 square feet; 1923-1943 Broadway, a two- and three-story brick and concrete block building with 54,000 square feet; 1929 Central, a single-story brick veneer-on-concrete block building with 10,000 square feet; and 1805 Washington, which is 13,000 square feet of vacant land.
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The buildings are vacant except for the Faultless Linen corporate offices on the second floor at 1915 Broadway.
Tom Volini, executive vice president of Colliers International, which is managing the redevelopment offering, said the Faultless Linen properties are a gateway to downtown Kansas City, the Kansas City Convention Center and a planned new hotel.
Bob Galamba, senior vice president at Colliers, said historic rehabilitation and new construction were both possibilities.
Galamba said there is no price tag on the offer because there are multiple possibilities for redevelopment. The search for redevelopment offers is likely to be on the table for about 60 days, he said.
“Some could be adaptive reuse, some could come down,” Galamba said of the existing buildings. “The density of what you could build on it will drive value, so we’re waiting for the development community and investors to come back to us with ideas. The family is open to a lot of different visions, so we’ll just see where the process takes us.”
Spence said the family believed the time was right to pursue options.
“These are inspiring times for downtown Kansas City, and we want to continue to be a part of this great neighborhood,” he said.
Spence and his sister, Susan Witcher, president and chief executive officer, are two of five siblings representing the fourth generation at Faultless Linen, which has been in business since 1896.