The former Royal Towers apartments were purchased earlier this month by Back 9 Development.
Back 9 acquired the property from Nevada-based TD Invest LLC for $2 million, according to a sale contract provided to KMAN, which is shared below. (*An earlier version of this article inaccurately stated the property was acquired for $1. All general warranty deeds in Kansas include standard language of “In consideration of the sum of One Dollar ($1) and other valuable consideration.”)
The property will be entirely gutted, renovated and turned into two-bedroom, two bath condominiums, starting at $249,000 each. Back 9 owner TJ Vilkanskas says it’s more feasible to renovate than to tear down and rebuild to get the units to an affordable price point.
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Royal Towers was condemned by the Manhattan Fire Department earlier this year, with tenants forced to vacate in May due to unsafe stairwells and walkways. The bones of the building are still very good, according to Vilkanskas, who says the property’s location, being steps from Kansas State University and the new Stormont Vail campus make it a desirable location.
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Back 9 and BHS Construction are partnering in the renovation effort and are planning to have the condos open by next summer.
The property will be known as the Lofts at 1700.
Vilkanskas says the company is committed to investing into the future of the City of Manhattan. The company is also heavily involved in Aggieville redevelopment, including the ongoing Midtown Development project.
