Kemper Arena Might Be Getting Some New Neighbors

By Steve Vockrodt
The former Weld Wheel Industries Inc. property in the West Bottoms sold, with its new owner eyeing a 200-unit apartment project there.
Interstate Underground Warehouse LLC, a storage and warehouse company owned by developer Wayne Reeder’s family, bought the 405,660-square-foot, four-building complex at Ninth and Mulberry streets in the West Bottoms on Friday.
Reeder, who was part of condominium development teams for The View in Downtown and Park Reserve near the new Federal Reserve Bank of Kansas City headquarters, said he’s in the early stages of formulating a multifamily and commercial development that would represent an investment of between $30 million and $40 million.
The unnamed project would offer market-rate apartments.
“We’re looking for none of that cheap stuff,” Reeder said. “We want to do a nice job out there, similar to the quality we have at the Park Reserve and The View.”
Interstate Underground Warehouse bought the former Weld Wheel building for about $700,000.
It has been on the market for at least two years and was held by Valley Oaks Financial Corp., which originated the note on the property, and Pacific Western Bank in San Diego.
Pat Murfey and Kevin Tubbesing of Evergreen Real Estate Services LLC marketed the building.
The asking price on a listing put the four-building complex at $1.1 million.
If Reeder is successful, it would be one of the early comers for large-scale multifamily developments in the West Bottoms.
Gary Hassenflu, president of Garrison Development, is pursuing an $18 million, 100-unit affordable-rate apartment project at 925 and 937 Wyoming Streets.