The city of Wichita finalized the sale of four acres of land to Wichita Riverfront LP near Riverfront Stadium in the downtown area.
The property is along the river and just southeast of the stadium at the intersection of Maple and McLean. In April, the Wichita City Council approved a development agreement to expand office and retail space, construct a parking garage and a hotel. Construction is slated to begin next month and be completed in two years. In all, private developers will invest around $60 million in the project.
The council also approved a two-year program of 20-year special assessments for new home developments.
The city says the housing market in Wichita faces several challenges, including less than a months' supply of homes for sale, the cost of building materials, supply chain disruptions and rapid home price appreciation.
The program would enhance the affordability of new, single-family homes in new developments by increasing the special assessment timeframe from 15 to 20 years.
The city finances the construction of water, sewer lines and streets in new developments to keep housing costs lower. The homeowner then pays for those improvements through their property taxes.
In other city news, the council gave the green light for Nine Dot Arts to design artwork for the Northwest Wichita Water Facility that's currently under construction. Those improvements will cost $1.25 million. Nine Dot Arts’ headquarters are based in Denver, with another office in Seattle.
The council also approved their 2022 Sidewalk maintenance program, at a cost of $1 million.