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DST Systems, Inc. Kansas City, Missouri

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DST Systems, Inc. Kansas City, Missouri DST Systems, Inc. Kansas City, Missouri Project Type: Commercial/Industrial Case No: C034013 Year: 2004 SUMMARY Across 20 square blocks on downtown Kansas City's west side, DST Systems developed an urban corporate campus that includes 38 buildings, 2.3 million square feet (213,670 square meters) of office space, and 7,495 parking spaces. Through a combination of historic rehabilitation and infill development, DST has created high-quality office space that accommodates the company's high-tech needs. Key to project development was the incorporation of adequate parking for DST employees, which is also available for other nearby uses. DST also set aside 30 percent of its tax increment financing revenues to encourage other area property and business owners to invest in streetscape and facade improvements. FEATURES Strategic redevelopment to achieve an urban corporate campus Use of tax increment financing to support neighborhood improvements, including additional parking and streetscape improvements Urban infill Renovation of historic structures to meet technology and office needs Inclusion of parking structures to provide necessary parking for office workers DST Systems, Inc. Kansas City, Missouri Project Type: Commercial/Industrial Subcategory: Office Buildings Volume 34 Number 13 July–September 2004 Case Number: C034013 PROJECT TYPE Across 20 square blocks on downtown Kansas City’s west side, DST Systems developed an urban corporate campus that includes 38 buildings, 2.3 million square feet (213,670 square meters) of office space, and 7,495 parking spaces. Through a combination of historic rehabilitation and infill development, DST has created high-quality office space that accommodates the company’s high-tech needs. Key to project development was the incorporation of adequate parking for DST employees, which is also available for other nearby uses. DST also set aside 30 percent of its tax increment financing revenues to encourage other area property and business owners to invest in streetscape and facade improvements. SPECIAL FEATURES Strategic redevelopment to achieve an urban corporate campus Use of tax increment financing to support neighborhood improvements, including additional parking and streetscape improvements Urban infill Renovation of historic structures to meet technology and office needs Inclusion of parking structures to provide necessary parking for office workers DEVELOPER DST Realty, Inc. 333 West 11th Street, Suite 101 Kansas City, Missouri 64105-1639 816-435-6403 Fax: 816-435-8210 www.dstsystems.com OWNER/DEVELOPER (Block 35 Building) Penn Seven, LLC 333 West 11th Street, Suite 101 Kansas City, Missouri 64105-1639 816-435-8260 Fax: 816-435-8210 PROJECT MANAGER MC Lioness Realty Group, LLC 114 West 11th Street, Suite 200 Kansas City, Missouri 64105 816-843-1054 Fax: 816-421-8049 ARCHITECT BNIM/CDFM2 1015 Central Kansas City, Missouri 64105 816-472-2000 Fax: 816-471-4362 STRUCTURAL ENGINEER Structural Engineering Associates (Block 35 Tower I and Tower II) 101 West 11th Street, Suite 200 Kansas City, Missouri 64105 816-421-1042 Fax: 816-421-1061 Bob D. Campbell & Company (Poindexter Building) 4338 Belleview Kansas City, Missouri 64111 816-531-4144 Fax: 816-531-8572 MECHANICAL/ELECTRICAL ENGINEER Gibbens Drake Scott (Block 35 Tower I and Poindexter Building) 9201 East 63rd Street, Suite 100 Raytown, Missouri 64133 816-358-1790 Fax: 816-358-2367 Lankford + Associates (Block 35 Tower II) 1730 Walnut Street Kansas City, Missouri 64108 816-221-1411 Fax: 816-221-1429 GENERAL CONTRACTOR JE Dunn Construction Company (Block 35 Tower I and Tower II) 929 Holmes Kansas City, Missouri 64106 816-474-8600 Fax: 816-391-2510 CIVIL ENGINEER Shafer Kline & Warren (Block 35 Tower I) 11100 West 91st Street Overland Park, Kansas 66214 913-888-7800 Fax: 913-888-7868 Taliaferro & Browne (Block 35 Tower II) 818 Grand Boulevard, Suite 1000 Kansas City, Missouri 64106 816-283-3456 Fax: 816-283-0810 GENERAL DESCRIPTION Across the west side of downtown Kansas City an unmistakable revitalization is taking place. Historic buildings such as the Poindexter Building, a 250,000-square-foot (23,225-square-meter) warehouse once occupied by a dry-goods company, have been redeveloped and equipped to handle high-tech computer operations. New office buildings like Block 35, a two-tower 366,985-square-foot (34,093-square-meter) office complex developed for State Street Bank (a financial services firm), occupy previously derelict or vacant properties. New parking decks accommodate the demand for adequate parking by office workers commuting from the suburbs. The new and old buildings are connected by redesigned and active streetscapes. A majority of this activity was spurred by DST Systems, a $2.3 billion financial services firm that provides information and computer software services to the mutual fund industry, corporations, banks, and insurance companies. DST’s investment has attracted other businesses and encouraged existing property owners to improve their properties. DST embarked on its downtown location strategy in the 1980s. While the company also has operations outside of downtown to accommodate its data center, DST located its headquarters and primary office operations on downtown’s west side. Early on, DST knew that any office development must meet its need for high-speed technology, to provide always-on-demand services to clients and to attract suburban employees. DST learned a lot about what type of buildings would help meet these criteria when it acquired its first large office space in 1982. Initially, the historic Insurance Exchange Building’s downtown location seemed appropriate, but limited parking and truck access and a small floor plate restricted the efficiency of work completed at the location. Now, whether DST is considering historic renovation or creating new structures, it considers the size of the floor plate, building accessibility, and the ability to incorporate nearby parking. SITE DESCRIPTION During the late 1970s and early 1980s, many companies preferred suburban office park locations to downtown locations due to the latter’s high rents, limited parking, and high crime rates. On Kansas City’s west side, which would eventually become the focus of DST’s development plans, decaying historic buildings and abandoned properties dominated the landscape. For some this might have been a deterrent, but DST saw an opportunity to help revitalize the area and create unique office space that met the company’s technological, space, and employee needs. The area’s lower land costs, connection to the interstate highway system, and location on the northern edge of Kansas City’s central business district, combined with DST’s corporate heritage of community commitment (as an offshoot of the Kansas City Southern Industries, owner of Kansas City Southern Railway), led DST to purchase its first building in 1982 as well as to encourage others to invest in the area. Revitalization of the west side, once a prosperous area, also provided an opportunity to acknowledge the area’s importance to Kansas City’s history. Many of Kansas City’s distinguished residents lived on the west side in the fashionable neighborhood of Quality Hill, located on a bluff overlooking the Missouri River to the north. As the nearby stockyard and railroad line developed, the neighborhood began to decline. The Garment District, located on the eastern edge of the DST redevelopment area, was the center of the Midwest’s retail commerce after World War I. However, its prominence declined as demand and trade policies changed. While revitalization has taken time, the western quadrant of downtown Kansas City is experiencing a revival. Redevelopment of the Poindexter Building, located in the Garment District, and development of Block 35, sited on the bluff overlooking the confluence of the Missouri and Kansas rivers, illustrate the range of development undertaken by DST and how it is spurring other investment in the area. Built in 1901, the Poindexter Building is an eight-story Second Renaissance Revival warehouse that housed the Burnham-Hanna-Munger Dry Goods Company. Because the Poindexter Building is strategically located near other DST holdings, rehabilitation of the brick and timber structure acts as a link between other buildings in DST’s urban corporate campus. Development of Block 35 represents a major investment in Kansas City’s west side. Consisting of two newly constructed office towers containing a combined 366,000 square feet (34,001 square meters) and a 1,200-space parking garage on 3.5 acres (1.42 hectares) over two city blocks, State Street Bank, one of DST’s partners, occupies the office space. Its location in the northwest side of the central business district provides easy access to streets and highways into and out of the downtown area. PLANNING AND DEVELOPMENT PROCESS DST’s space needs started modestly, but as the company’s business quickly grew, its need for office space increased dramatically. Decisions made during the 1980s still guide the firm’s real estate projects. First, the company decided to develop and own its office buildings. In the financial services industry, clients demand secure and always available information. By developing its own office space instead of leasing or depending on others to create the space, DST controlled the quality and was able to procure redundant building systems to prevent systems failures that could damage core business functions. Instead of creating a corporate master plan that called for a centralized corporate campus, DST decided to purchase well-sited and reasonably priced properties as they became available across the west side. At the time, it was difficult to project the company’s future space needs. There also was concern that if a long-term development plan was developed, uncertainty and delays in implementing the plan would depress and delay the rehabilitation of properties around DST offices. Corporate leadership felt that a strategy of developing office space based on need across the target area would spur a mix of uses and allow DST to focus on its core business.
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