Developer proposes $65.7M project to turn historic Downtown KC building into hotel

After acquiring the historic former Rialto Building at 906 Grand, a hotel developer has proposed turning the 13-story building into a 240-room hotel for roughly $65.7 million. This follows a redevelopment application submitted in April for the property, most recently home to Ozark National Life Insurance.

A historic building located on Grand Blvd. in Downtown Kansas City could potentially see a revamp of space that would turn it into a 240-room hotel.

Beechwood Pinnacle Hotels, an Arkansas developer, proposes a $65.7 million hotel project for the former Rialto Building at 906 Grand. Most recently, the building was home to Ozark National Life Insurance before the company moved to its headquarters.

Beechwood Pinnacle Hotels in January 2020 acquired the Ozark building, the adjacent five-story structure at 910 Grand and an 85-space surface parking lot at 710 Walnut St. from UMB Bank for $8.8 million, Jackson County property records show.

In April, the developer filed a redevelopment application with the Economic Development Corp. of Kansas City and a preliminary code review request with city planning staff, in advance of the proposal. Part of the redevelopment plans include a restaurant, bar and meeting rooms.

Beechwood Pinnacle Hotels’ pro forma includes a desired property tax abatement and sales tax redirection with a community improvement district.

Though the Ozark building is not listed on the National Register of Historic Places, Beechwood Pinnacle Hotels contemplates the use of $14.3 million in federal and state historic tax credits.