NorthPoint Development Co. completes purchase of the Power & Light Building

NorthPoint Development Co. has completed its purchase of the historic Power & Light Building, clearing the way for construction to begin immediately on converting the skyscraper into a 200-unit apartment tower.

The Riverside company, an active developer in the Kansas City area, acquired the 36-story, art deco office building at 106 W. 14th St. from Gailoyd Enterprises Group, based in Carmel, N.Y., according to Tuesday’s announcement.

The deal included an acre of vacant land on the north side. The purchase price was not disclosed.

The Power & Light Building was built in 1931 and at one time was the tallest structure in Missouri. It lost its namesake tenant, Kansas City Power & Light, in 1991. Previous attempts to redevelop it fell through, in part because of challenges in redoing the space in the historic building. The building has been mostly vacant in recent years.

“The fifth time’s the charm,” said NorthPoint chief executive Nathaniel Hagedorn in reference to other unsuccessful attempts to redevelop the building.

NorthPoint has been pursuing the downtown property for more than a year. Its $63.6 million project involves renovating the 285,000-square-foot building and constructing a parking garage on the adjacent acre with 70 additional apartment units.

Renovation work on the tower’s interior is expected to begin this week.

“All of us in Kansas City who grew up admiring the beautiful art deco architecture and the elaborate, multicolored exterior lighting system … can’t wait to see it come to life again,” said Gib Kerr, vice president of Cassidy Turley, the commercial real estate firm that represented Gailoyd Enterprises.

The building’s ground floor, which has 18,000 square feet, could be used for a restaurant or an event space. Hagedorn said his firm has had “promising discussions” with several prospective restaurant operators, but a final decision has not been made.

The first apartments should be available by the end of 2015, and the project is expected to be completed by mid-2016. Financing includes city incentives.

NorthPoint has said the colored lighting that illuminated the building’s top floors will return when energy-efficient LEDs are installed.

This story was originally published October 7, 2014 at 4:22 PM with the headline "NorthPoint Development Co. completes purchase of the Power & Light Building."