The historic Power & Building Light Building in downtown Kansas City has been sold to a Minneapolis developer who wants to convert it into more than 200 apartments, according to the Kansas City Star.
The developer, Sherman Associates, has a $13.75 million contract to purchase the building from its New York owner, Gailoyd Enterprises.
Sherman Associates has redeveloped historical buildings into apartments in Kansas City before. The firm recently redeveloped the 1006 Grand building into 134 apartments.
The expected costs for redevelopment is $57 million according to the Kansas City Star. To raise the money, Sherman Associates will likely seek city incentives.