A historic piece of the Kansas City skyline is going up for auction Monday on the steps of the Jackson County courthouse.
A South Dakota bank holds the $14.3 million promissory note, but the hope is with a new owner the old Federal Reserve Bank will become a thriving part of downtown again.
Many who live and work in downtown want to see this vacant property used once again.
The building's history is well known, but what will happen next for the 21-story building remains unclear.
"It has a great history. It's really changed the reputation of the city once it was established," said Sean O'Byrne, vice president of business development for the Downtown Council.
The ornate architecture once housed the Federal Reserve Bank of Kansas City. For the last seven years, the building has been in development.
In 2005, developer Jason Townsend tried to revive the historic building. The first plan involved 155-unit condo project.
Four years later, Townsend began leasing parking in the attached 480-space garage. A new plan emerged to turn the property into a 306-room hotel.
For both plans, Townsend received tax incentives but neither project panned out.
"The building is probably one of the best in all of downtown. The federal reserve and the folks who did property management did a wonderful job on maintaining it and the parking is second to none," O'Byrne said.
O'Byrne said the building will be two blocks away from the new street car system.
"We think it has a terrific opportunity for a wonderful conversion. It could be residential. It could be a hotel. It could be office or a combination of all three," he said. "We think it is going to see its brightest days ahead."
O'Byrne said a few years ago there were only 3,000 people living downtown. Now they have more than 19,000.
At one point in 2008, the Kansas City Federal Reserve leased the building while its new headquarters on Main Street was finished. In 2007, the building was listed on the National Register of Historic Places.
The hope is that whoever buys the building will bring new life into downtown Kansas City.
Copyright 2013 KCTV (Meredith Corp.) All rights reserved.
Wednesday, May 22 2013 6:04 PM EDT2013-05-22 22:04:40 GMT
MISSOURI CITY, TX (KPRC/CNN) - When a pregnant teacher in Texas collapsed, her coworkers rushed to help. The woman technically died, gave birth, and then was brought back to life. Erica Nigrelli, an EnglishMore >
A pregnant woman's heart stopped, and doctors performed an emergency c-section to rescue the baby and save the woman.More >
By Michael Martinez, CNN updated 3:23 PM EDT, Wed May 22, 2013STORY HIGHLIGHTSTerimy Miller puts her three small sons in the house closet as the tornado nearsBut she gets a feeling: "I just got toMore >
Wednesday, May 22 2013 6:13 PM EDT2013-05-22 22:13:31 GMT
Residents of a southern Overland Park neighborhood had feared a vicious killer was on the loose after a jogger was found dead, but his death has been ruled a suicide.Raheel Morani, 24, slashed his ownMore >
Residents of a southern Overland Park neighborhood had feared a vicious killer was on the loose after a jogger was found dead, but his death has been ruled a suicide.More >
Thursday, May 23 2013 11:55 AM EDT2013-05-23 15:55:08 GMT
(RNN) - Dozens of Cleveland restaurants have pledged to give the man who rescued three Ohio women from captivity, free burgers for life. Charles Ramsey, the guy who famously stopped eating his Big MacMore >
More than a dozen of Cleveland restaurants have pledged to give the man who rescued three Ohio women from captivity, free burgers for life.More >
Thursday, May 23 2013 9:09 AM EDT2013-05-23 13:09:22 GMT
It has been a difficult and long road to recovery for an 11-year-old victim of a hit-and-run. The girl's mother is making another plea to that driver to turn herself in. No one needs any medical trainingMore >
It has been a difficult and long road to recovery for an 11-year-old victim of a hit-and-run. The girl's mother is making another plea to the driver responsible to turn herself in.More >
Monday, May 20 2013 7:51 PM EDT2013-05-20 23:51:52 GMT
DONIPHAN, AR (KAIT) – A search effort is underway in Southeast Missouri. The Hartland Pit Stop in Doniphan apparently sold a $1 million Powerball ticket this past weekend, but the winner has yet to comeMore >
A Southeast Missouri woman wrapped up a big week by taking home a piece of the record $600 million Powerball jackpot. More >
Thursday, May 23 2013 11:43 AM EDT2013-05-23 15:43:24 GMT
Fallen officer's daughter graduates from kindergarten
Hundreds of Phoenix police officers showed their support for a fallen colleague by attending his daughter's kindergarten graduation in Anthem on Wednesday. Officer Daryl Raetz was killed in the lineMore >
Tatum Raetz, 5, graduated from kindergarten in Anthem Wednesday and hundreds of uniformed Phoenix police officers were there to show their support for the family.More >