Posted on Wed, Oct. 21, 2009

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DeBoer's company buys control of WaterWalk

By Bill Wilson

The Wichita Eagle

WICHITA -- WaterWalk Partners officials announced a management change late Tuesday night, with co-founder Jack DeBoer's Consolidated Holdings taking over control in a move "to accelerate development."

DeBoer has, according to various accounts, acquired controlling interest in the partnership and will become the face of the struggling downtown mixed-use project.

Consolidated spokesman Doug Rupe, who will operate the development for DeBoer, said former partner Dave Burk will remain in an advisory role with the project, as will former manager Tom Johnson "for a short period, at least."

DeBoer is out of town this week and Burk declined to speak about the deal on the record.

A "new focus will be placed on doing what it takes to move the project forward," the release states.

"Additional resources will be invested with emphasis on starting new development within WaterWalk. Consolidated Holdings will be aggressive in cooperating with the City of Wichita and development partners for the multi-faceted property, including fully developed sites that remain available for entertainment, office, hotel, residential and retail development," the statement said.

Wichita City Manager Robert Layton said Wednesday morning that the city looks forward to discussing DeBoer's vision for the development.

He did say, however, that it's unlikely the Wichita City Council will invest any more money beyond the $40 million it has spent on infrastructure and a parking garage.

"We don't have any other resources to put in," Layton said.

Come back to Kansas.com for updates and see Thursday's Business Today.

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