Wichita City Council members have tabled action on a letter of intent for bond financing on a project to construct an apartment building downtown.
Vantage Point Properties of Wichita is proposing to build on a three-acre site on the northwest corner of Washington and Waterman. It would be east of INTRUST Bank Arena and south of the Cargill complex. The plan is for a five-story 370-unit building with 37 studio apartments, 240 one-bedroom units and 93 two-bedroom units.
The city would issue up to $95 million in multi-family housing revenue bonds to finance the cost of construction, along with a sales tax exemption on bond-financed purchases and a property tax abatement. Tim Goodpasture with the City Manager’s Office said this will not be true financing for the project, and Vantage Point will have to secure its own financing. Construction would begin in the second quarter of this year with completion in 2027.
Council members voiced favor toward the project and it has the support of the Wichita Downtown Development Corporation, with a need for more housing downtown, but Council members were unsure of the details on a lease agreement for parking. The project would use up to 185 parking spaces on a city-owned lot at 777 East Waterman, and rents from the parking lease are expected to generate over $56,000 a year to help support parking operations. Council member Dalton Glasscock voiced concern that the city would lose money over time on maintenance costs for the parking. He moved to table action until Council members can get more information.
The Council will consider the proposal again at their March 5th meeting.
