The Wichita City Council has approved bond financing for a planned apartment project downtown, with some changes.
Vantage Point Properties is planning to build a multifamily residential apartment building on the northwest corner of Washington and Waterman. Assistant City Manager Troy Anderson said some changes were made in the project after a City Council discussion two weeks ago. Anderson said in continuing discussions with the city, Vantage Point asked for changes that might allow for a smaller project. The developer was planning up to 370 units but could bring it down to around 258.
Talks are continuing on a parking lease agreement that City Council members had questions about. Vantage Point was wanting to use a city-owned parking lot at 777 East Waterman to provide up to 185 parking spaces for the apartments. Anderson said if a revised parking agreement can be worked out, that will be brought back to the City Council at a later time.
The City Council voted 6-1 to approve a letter of intent for Industrial Revenue Bonds to help finance the project, which will cost around $95 million. This also includes a ten-year property tax abatement. Council member Mike Hoheisel voted no out of concern over the property tax break.
