In the real estate profit space, I agree, but it's been a huge boon to businesses in the area so minimally it's a good first step. It seems a decent strategy for a city to have large developers to the difficult work of conversion and then allow it to change hands over time.

Now, for KC specifically, the Power & Light District is a tad different because several completely new and large apartment towers (One Light & Two Light) were built. I'd argue, still good for the area and its residents/business owners, but less viable in cities with less space.

Tldr; idk, necessary evil?