Development around Riverfront could finally be on the way

WICHITA, Kan. (KSNW) – If you build it, they will come. That’s the famous line from a movie.

But that movie line has not worked around Riverfront Stadium in Wichita.

“It’s time to get a revenue stream around the stadium that was promised,” said City Council Member Jeff Blubaugh. “We need to make sure we’re paying the debt service first before we put ahead of it a developer incentive. I realize a lot of times they will use that incentive as their margin for profit, but our fiduciary responsibility belongs to the taxpayers of the City of Wichita that we came out and got them on board to buy the ball stadium.”

Blubaugh says the city promised taxpayers shops, retail and office space and even a new hotel around the ballpark. So far, it has not happened.

The City will unveil a new plan on Nov. 21 at a public hearing. That includes plans for a hotel. But the new plan will not include office space. Instead, there is a proposed housing unit proposal for at least 150-plus families.

EPC Real Estate Group, out of the Kansas City area, is proposing a new deal. The city is considering restructuring a tax increment finance district around Riverfront to get it done.

“It’s a challenging market overall, no doubt about that,” said Austin Bradley, executive VP with EPC real estate group from Overland Park. “Office has flattened in some communities in some instances. We’re fortunate to have here (residential) in Wichita with 225 Sycamore. Which has performed great.
We think there’s a huge need in density for residential units in town.”

City council members on Monday sounded the alarm about getting development off the ground to start paying back loans to build Riverfront.

“We need to get revenue going because the clock is ticking before it starts to come out of the general fund,” said city council member and vice-mayor Mike Hoheisel. “We will look at this plan closely. The main point is that we need to get development going with that as soon as we can so that we are not taking money out of the general fund. We’re not taking money away from firefighters and police officers and out of our park system.”

Community activist Celeste Racette attended a public forum Monday that included EPC and city leaders to introduce a newly restructured tax increment finance district in the Delano/Riverfront areas.

“There’s a lot of frustration because we didn’t get to vote on the first ball stadium development when we spent $83 million in bonds to build it,” said Racette. “We didn’t even get a voice, so it’s frustrating because now we’re under the gun to pay off the debt, so now they’re scrambling to get the development going. It’s frustrating. EPC did the Delano catalyst site. So I’m hopeful development will happen.”

City council and city leaders will look at the plan in a public forum on Nov. 21.