A 93-year-old commercial building in the heart of downtown Kansas City has been sold to Palace Hotel LLC, a company owned by hotel developer Mark Patel.
Patel, who has his own office in the building, said it will be at least two years before existing tenants may be asked to move out.
“Eventually, I would like to position it as residences or a hotel,” Patel said Wednesday. “The location next to the Power & Light District and other amenties is nice, and it’s a very good structure.”
The eight-story former Palace Clothing Co. office building at 1150 Grand Blvd. is listed on the National Register of Historic Places. It is considered a prime example of the “Chicago style,” characterized by large windows made possible by iron-beam construction.
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The 80,000-square-foot building, designed by Kansas City architect Frederic McIlvain, opened in 1924 to house the Palace Clothing Co., a retailer that remained in the building until 1964.
A major redevelopment was undertaken in 1972, stripping away many of the historic interior features as part of the renovation for multi-tenant offices. It is partly occupied now.
Cushman & Wakefield announced the building sale by Kansas City Investments LLC to Palace Hotel LLC. The sale price was not disclosed.
Cushman & Wakefield director Gib Kerr said the company was pleased to represent Patel in acquiring “one of the last remaining historic buildings downtown.”
Patel last year renovated an office building at 801 Walnut which opened as a Hampton Inn, and he is working on conversion of an office building at 417 E. 13th to be a Holiday Inn Express.
Patel said he hopes the Holiday Inn Express will be ready for occupancy in September.