PROPERTY FEATURES  

• Approx 17,366sf main level and 12,677sf lower level (per county records)
• Mezannine office level
• Off-street parking for 57 vehicles
• 1.26 acres (54,973sf)
• Perfect for retail, restaurant, office, mixed use
• Front and rear entrances
• 1934 design features Art Deco and Art Moderne styling
• On Kansas City Register of Historic Places

THE BUILDING

PAST – This iconic Kansas City building was built in 1934 as home to first Katz Drug Store outside the central business district. It was the first major work of famed architect Clarence Kivett who also designed numerous Kansas City landmarks including KCI Airport, the Alameda Plaza Hotel (now the Intercontinental), Kauffman Stadium, and many others.  It incorporated elements of both Art Deco (the clock tower) and Art Moderne (the horizontal bands and curved storefront) styling. 

PRESENT – Occupied most recently by CVS, the building is currently vacant and ready for new owners. With the 1986 addition, the main floor square footage is approximately 17,366sf with 18ft ceilings. The basement offers another approximately 12,677sf with 9ft ceilings. Off-street parking contains 57 spaces. The original glass storefronts have been enclosed though the familiar aluminum banding and signature clock tower remain. Retail entrances are on the east and west facades. It is on the Kansas City Register of Historic Places. Three parcels are included in this sale:

1. The original building (3948 Main)
2. The southwest addition (111 Westport Rd)
3. The associated asphalt parking lot (3949 Baltimore)

FUTURE – There are many exciting possibilities for the next chapter of this landmark building. Fortunately it is located in an established and vibrant business district in the midst of an impressive new streetscaping project already underway. With a variety of potential tax credits available to new owners and tenants, the potential financial upside is tremendous.

THE AREA

This property is in a prime location on one of Kansas City’s most important and well-traveled commercial corridors. Main Street not only links many of the city’s signature attractions, it is home to some of the most notable businesses as well.  The property also benefits from the active presence of the Main Street Corridor Development Corporation (MainCor) which was founded in 1981 to encourage economic development and find ways to make the area a safe, clean, inviting place for people to visit, shop and live.  Across the street from this building an impressive new streetscape design is under construction that will continue to ehnance commercial values. Prospective bidders are encouraged to learn more about MainCor at www.maincor.org.

FAST FACTS

• Sealed bids due: August 11, 4pm CST
• Inspections: 7/20, 7/27 & 8/3 (10-2) or by appt.
• Gross building area: Approximately 30,043sf including basement (per county records)
• Lot size: 54,973sf (1.26 acres) w/57 off-street parking spaces
• Zoned: C-2, Commercial
• Built: 1934 as Katz Drug Store. Clarence Kivett, architect
• Strong tax incentives available (see below)
• Required documents on this website or by request.
• Phase I Environmental Report available by request. Call 816-781-1134.

HOW TO BID/BUY

This is a sealed bid auction. Be sure to read the complete terms & conditions for this auction prior to placing your bid. Here is a summary of the steps:

Step 1: Obtain a Property Information Packet (PIP). The packet contains terms/conditions, important property information and forms necessary for submitting your bid. Packets may be requested from our office or by download from this site.

Step 2: Complete and submit the following 3 items before 4:00pm CST, August 11, 2011—

1. Bid Certification Form
2. Real Estate Sale Contract
3. Deposit (Cashier’s check for 10% of purchase price)

Step 3: Receive your response! You will be notified of your bid status no later than August 18, 2011. All materials will promptly be returned on non-winning bidders.

AUCTIONEER’S NOTE

We are very pleased to be selling this significant Kansas City building at public auction. In addition to its unique historic value, it is a prime commercial property with tremendous potential for new owners.  Available tax credits and aggressive reinvestment in the surrounding area add to the opportunity. Our seller is not interested in holding out indefinitely for “top dollar” and has chosen instead to expedite the sale by auction. It is worth your time to submit a bid!  Don’t miss the opportunity to own this landmark property.

SELLER’S STATEMENT

The following statement was provided to Cates Auction & Realty by the owner of the property:

“Due to multiple parties who have expressed serious interest in the property, along with its high notoriety as a historical and important part of Kansas City architecture and retail history, the auction will assure all involved that they will have a fair and honest opportunity for ownership of this iconic structure.  I feel the most equitable and honest method for sale or purchase of a commercial property at this time is the auction process.  It, in my opinion, brings ‘honest’ buyers together with ‘honest’ sellers.” 

PUBLIC INSPECTIONS  

• Wed., July 20; 10-12
• Wed., July 27; 10-12
• Wed., Aug 3; 10-12
• Or by appointment

(Be sure to visit the photo gallery on this site! The link is on the right side of the page.)

To find out more about the current streetscape project on Main or other exciting improvements around this property, visit www.MainCor.org or contact Diane Burnette, Executive Director (816.753.3820/dburnette@maincor.org). 

ATTENTION BROKERS

A commission of 3% of the high bid will be paid at closing to the properly registered agent representing the winning bidder.  The completed Broker Participation Agreement should accompany the sealed bid documents. The form can be found in the Property Information Package, by downloading from this site, or by calling our office.

NEW MARKETS TAX CREDITS  <NEW INFORMATION!>

According the the KCMO Community Development Entity, "This property is 100% eligible for NMTC financing which represents a significant financial incentive to anyone looking to purchase and make improvements to the building." (This organization is very familiar with the property, having worked on a previous project for the building.) Contact: Ruben Alonso. 816-216-1851 or Ruben_Alonso@kcmocde.org.

ADDITIONAL CONTACTS

Diane Burnette - Executive Director MainCor. 816-753-3820  dburnette@maincor.org

Joyce Thompson - President of the 39th & Main Business Center Association, Maincor Board Member and Property Owner. 816-809-1240  joycthompson@hotmail.com

Ruben Alons - Executive Director KCMO Community Development Entity. 816-216-1851 or 816-876-9670 or Ruben_Alonso@kcmocde.org. (For tax credit info and assistance.)