The city of Wichita has approved a memorandum of understanding with Wichita Riverfront LP and EPC Real Estate, LLC for development near the downtown ballpark.
The three parcels of land are roughly two acres in size. The first phase of the project would construct a six-story office building, at least 55 thousand square feet in size, along with a 200-stall parking garage, on the northwest corner of Maple and McLean. The plan would also construct an eight-story, full service hotel between McLean and the Arkansas River.
The developers will receive $5M in TIF funding for the parking garage and other eligible infrastructure. They will also seek up to $4 million in state funding for other public riverfront improvements. If that funding plan does not work out, the city will instead use up to $3 million in unallocated funds.
Construction should start in July 2022 and take about 2 years to complete.
The city projects $19.5 million in net new revenue from the project.