Property Profiles
Living the High Life
The Board of Trade Building transitions from rentals to condos, replete with luxury and location.
BY
Kerri Fivecoat-Campbell
PHOTOGRAPHY
courtesy of the Board of Trade Building

When the Board of Trade Building, located in the Library District at 10th and Wyandotte, started offering rentals about six years ago as the Library Lofts, urban loft living was a new idea in Kansas City and there weren’t many amenities surrounding the property to offer residents.

Things are different today, and the Board of Trade Building is no longer renting units but selling luxury residences.

John Bennett, regional director for Master Realty Properties, the developer of the project, says the decision to turn lofts into condos was a simple decision based on supply and demand.

“There were 700 rental units coming downtown in 2009 and a decreasing amount of supply of condominiums,” he explains. “It’s good to have a good mix of condos and apartments. That’s what makes a healthy urban residential environment.”

There are 168 condominiums in the building, and John says they retained about 10 percent when the building started selling the units. There are still plenty of condos available, although of the five largest penthouses, only two remain on the market.  

Resident Sandra Watts first moved to the building when it offered rentals then bought a condominium when they went for sale late last year. “When I moved from Johnson County, I was concerned I wouldn’t see anyone anymore,” she says. “Now sometimes my loft is the destination downtown. Friends come here and we plan to go out but just end up hanging out here.”

The nearby Sprint Center and other entertainment venues and restaurants in the Power & Light District provide her and other residents with plenty to do around their home if they do want to get out. There is also a gourmet grocery store and the City Market where residents can shop for necessities.

“The Board of Trade Building offers a unique combination of different elements,” John says. “It’s a historic building. A lot of Kansas City history is wrapped up there; many people made and lost their fortunes on the 14th floor of the building.”

When it was developed for residential use, the developers went to great lengths to retain the historic architecture and character. The ornate elements, which include the decorative terrazzo floors, polished Missouri limestone walls and the façade depicting many of the commodities on which men traded in the building, are still a part of the structure.

The 14th floor, the former trading floor, is now home to the penthouse condos, starting at $225,000. The penthouses have their own fitness center and private rooftop terrace; five of the largest have their own private elevator. The penthouse condos feature tall ceilings and range from an 800-square-foot one-bedroom up to 2,800 square feet of space. Some of the penthouses are on two levels. 

Sandra, who is a real estate attorney in the area, says she hasn’t seen an amenity package with as much to offer as the one at the Board of Trade Building. In addition to the 14th floor’s private amenities, all of the lofts have storage areas, and the building has two clubhouse areas, an HD theater room, indoor pool, sauna, Jacuzzi and tanning bed for all the residents. 
 
“With the theater room, the gym and security, I think this one is just special,” says Sandra, who adds that although she is a female living in the downtown area, she’s never had any security concerns. There is a keyless entry system, surveillance cameras in the attached garage parking and courtesy patrol for the building.

Other floor plans available include lower-level studios, which start at $115,000, one bedrooms for $120,000 and two-bedroom lofts for $195,000.

Residents can enjoy a tax abatement until 2029. John says the current tax rate is approximately .30 cents per square foot per year. “It makes it a very attractive incentive,” he adds.

Pets are allowed in the building, but there is a two-dog limit. The building currently has two dog parks adjacent to it.

816.842.6544
www.boardoftradecondos.com
 

This article originally appeared in the December 2009 issue of Kansas City Homes & Gardens.