A $5.7 million sale of the long-vacant Executive Plaza Office Building is expected to lead to 181 more residential units in downtown Kansas City.
The 207,421-square-foot building, familiarly called “the flashcube” because of its square glass walls, is located on the 700 block of Main St., on the streetcar line at the north entrance to the central business district.
Cushman & Wakefield, the real estate services firm that represented the seller, Stencil Group of Sioux Falls, S.D., confirmed the sale and planned conversion.
The buyer, Kansas City-based Worcester Investments, intends to invest $43 million in the apartment project, which includes an adjacent parking lot.
Worcester Investments previously had focused on buying existing rental properties. The flashcube building will be its first major residential redevelopment downtown.
The company also is building an apartment complex on East Bannister Road and has acquired a three-story downtown office building at 1220 Washington for its own offices, along with those of other companies.
Gib Kerr, Cushman & Wakefield vice president, said the streetcar line, which has a stop in front of the building, played a role in attracting the purchase and redevelopment.