Molzer Development and Free Heel Capital have acquired the historic Aladdin Hotel in Kansas City and plan to transform it into a vibrant apartment community.
Courtesy of Aladdin Hotel
KANSAS CITY, Mo. — A piece of Kansas City history is starting the long road to its next chapter.
Molzer Development and Free Heel Capital recently bought the Aladdin Hotel with plans to turn it into roughly 100 apartment units over the next few years.
“People have been looking at this project for three-and-a-half years,” said Molzer Development Founder Zach Molzer. “[It] closed down during COVID, March 2020, and it’s been a blighted project someone needed to come in and make it work.”
Took a tour that was a trip back to (barely) pre-Covid times.
— Kevin Barry (@KevinBarryTV) June 20, 2024
The Aladdin Hotel is at the start of a multi-year journey to turn it into apartments in the middle of @KansasCity: pic.twitter.com/MeJPWAWPhz
It’s Molzer Development’s first project since Zach went out on his own and Free Heel Capital is working with him from Wisconsin to get the project done because, he says, the Kansas City market is a good investment right now.
“Do people love to be here, are there good metrics on economic and population growth and are there other viable projects going on?” Lien said.
Rental market data from Zillow shows apartment demand is going up in Kansas City, even with large apartment projects opening downtown and with others in the works.
The KC Streetcar and a potential cap and park over 670 through downtown are both two blocks away, and work on Barney Allis Plaza’s renovation across the street is due to start soon.
Molzer Development Project Manager Anthony Hugo says the roughly 100 apartments in the urban core adds more people to enjoy all those features.
“It makes sense to add more residential units down here,” Hugo said. “It makes sense to be in the middle of the action but be able to reach everything.”
The Aladdin was finished in 1925 and was one of the tallest buildings in Kansas City while being one of the most luxurious hotels. That attracted celebrities like Yankees legend Mickey Mantle and mobster Al Capone on their journey’s through Kansas City. A promotional card from 1932 boasts single rooms for $2 to $3.50 a night.
Molzer says the 1925 building might be a different vibe than the new construction that’s popping up all over Kansas City, but this project will bring something unique to the metro.
“The fact that it was built in 1925, the fact that Al Capone was in this building, embrace the history behind it,” Molzer said.
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