A New-York-based real estate firm is investing in St. Joseph.
The Kansas City Business Journal reported that Time Equities purchased Mitchell Park Plaza and The Lofts at 415 from Foutch Brothers Development for $26 million. However, Steven Foutch, co-owner and chief executive officer for Foutch Brothers, will retain a minority interest in the two buildings.
Time Equities has been around for more than 50 years and has properties in the United States, Canada and Europe, according to its website.
Residents of Mitchell Park Plaza at 1300 S. 11th St., received notification of the sale last week. The document lists Mitchell Park 600 Wall Equities LLC, Mitchell Park 4410 Cayuga Equities LLC, Mitchell Park Merrill Equities LLC and Mitchell Park Plaza Equities LLC as the “New Owners.”
The Missouri Secretary of State shows that each of the limited-liability companies was created on March 15.
A part of new owners is new management, too. Balke Brown Transwestern of St. Louis, Missouri, is managing both St. Joseph properties that include 301 units at Mitchell Park Plaza and 48 units at The Lofts.
The former MeadWestvaco building, which was once home to the Big Chief tablet, and The Lofts were just two of many properties Foutch Brothers invested in.
The brothers first St. Joseph purchase was a warehouse at 310 S. Third St. The undeveloped property caught fire on Oct. 21 and has been reduced to rubble. They went on to rehab apartments at The Lofts, the Mead Building, Everett School, Museum Hill at 303 13th St., the Corby Building and Neely School.
Foutch Brothers has properties in Missouri, Kansas, Iowa and Nebraska.
The Foutch Brothers set their eyes on a bigger redevelopment a few years ago when it purchased the Kemper Arena in Kansas City for $1. The investment, called the Mosaic Arena, however, will come with a $30 million price tag and an incentive package that includes a 10-year, 100 percent property tax abatement and an additional two years of 50 percent abatement.
Foutch Brothers, Balke Brown Transwestern and Time Equities did not return calls for comment.