Choosing the Best Kansas City Real Estate Agency
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More About Kansas City, MO
History
21st century
In the 21st century, the Kansas City area has undergone extensive redevelopment, with more than $6 billion in improvements to the downtown area on the Missouri side. One of the main goals is to attract convention and tourist dollars, office workers, and residents to downtown KCMO. Among the projects include the redevelopment of the Power & Light District, located in the area to the east of the Power & Light Building (the former headquarters of the Kansas City Power & Light Company, which is now based in the district's northern end), into a retail and entertainment district; and the Sprint Center, an 18,500-seat arena that opened in 2007, funded by a 2004 ballot initiative involving a tax on car rentals and hotels, designed to meet the stadium specifications for a possible future NBA or NHL franchise,[21] and was renamed T-Mobile Center in 2020; Kemper Arena, which was replaced by Sprint Center, fell into disrepair and was sold to private developers. By 2018, the arena was being converted to a sports complex under the name Hy-Vee Arena.[22] The Kauffman Performing Arts Center opened in 2011 providing a new, modern home to the KC Orchestra and Ballet. In 2015, an 800-room Hyatt Convention Center Hotel was announced for a site next to the Performance Arts Center & Bartle Hall. Construction was scheduled to start in early 2018 with Loews as the operator.[23]
From 2007 to 2017, downtown residential population in Kansas City quadrupled and continues to grow. The area has grown from almost 4,000 residents in the early 2000s to nearly 30,000 as of 2017. Kansas City's downtown ranks as the 6th-fastest-growing downtown in America with the population expected to grow by more than 40% by 2022. Conversions of office buildings such as the Power & Light Building and the Commerce Bank Tower into residential and hotel space has helped to fulfill the demand. New apartment complexes like One, Two, and Three Lights, River Market West, and 503 Main have begun to reshape Kansas City's skyline. Strong demand has led to occupancy rates in the upper 90%.[24][24]
While the residential population of downtown has boomed, the office population has dropped significantly from the early 2000s to the mid 2010s. AMC and other top employers moved their operations to modern office buildings in the suburbs. High office vacancy plagued downtown, leading to the neglect of many office buildings. By the mid 2010s, many office buildings were converted to residential uses and the Class A vacancy rate plunged to 12% in 2017. Swiss Re, Virgin Mobile, AutoAlert, and others have begun to move operations to downtown Kansas City from the suburbs as well as expensive coastal cities.
Source: https://en.wikipedia.org/wiki/Kansas_City,_Missouri
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