A new group of investors intends to buy the Power & Light Building, a 30-story Art Deco tower in downtown Kansas City. A broker with Cassidy Turley said the prospective buyers plan to convert the 285,000-square-foot building into more than 200 apartment units and will likely be shopping local agencies for incentives. A confidentiality agreement prevents him from disclosing the buyers’ identity.
The building is owned by New York-based Gailoyd Enterprises Corp., which has had it under contract a couple of times previously over the past two years. A Cordish Co. affiliate that had placed the building under contract backed away from the deal last year.