Upscale apartments at WaterWalk development to bring ‘some real vitality downtown’

In July, when WaterWalk developer Jack DeBoer nixed plans for a 115,000-square-foot, five-story office building at the southwest corner of Waterman and Main, he said he was looking at other possibilities for what to do there while “rummaging around trying to figure out what the world’s going to be like when this whole thing passes.”

He has settled on a new apartments, but they won’t be part of his national chain of WaterWalk apartments and hotels even though they’re going to be at his WaterWalk development. The two share a name, but that’s it.

Jim Korroch, who is representing DeBoer on the project, said the new upscale apartments will be known as the Gateway Apartments because of how they’ll be situated along Main Street just off of Kellogg.

“That is the gateway to downtown,” he said. “It is going to give a real boost to what it looks like.”

There will be about 126 units at the southwest corner of Waterman and Main, where the office was planned. It’s also where a large statue now stands. There’s no decision yet on where that will be relocated and there probably won’t be until the city’s larger plans in the area are finalized.

There will be another 100 units in a separate building at the northeast corner of Dewey and Main streets. That’s just east outside of the WaterWalk development. These units will be closer to Kellogg.

Korroch said the apartments also will be “a nice boost to WaterWalk as well.”

With a few hundred more people living in the area, he said the potential for retail and restaurants “completely changes.”

“It brings some real vitality downtown,” Korroch said. “Jack’s a firm believer in the continued growth in downtown Wichita.”

Korroch said the Class A apartment market is strong downtown, and the Gateway Apartments will be similar in scope and price to the ReNew and River Vista apartments in the greater downtown area.

There will be studios, one- and two-bedroom apartments and one- and two-room lofts that will range from the low $900s to about $1,400. There will be a resort-style pool, a rooftop lounge, pet wash and fitness center among other amenities.

Korroch said he sees a mix of younger and older professionals who want to be in the core of the city, even if they don’t work there.

In addition to businesses such as IMA Financial Group building new offices downtown and bringing workers, Korroch said nearby Kellogg will allow people working anywhere in Wichita to live at WaterWalk.

“You’re just 10 to 15 minutes maximum of where you’d be working.”

Korroch said the apartments are going through the city permitting process now and should break ground in late November.

“Everything’s moving very quickly.”

He also said DeBoer is seeking industrial revenue bonds for the apartments on the east side.

“We would like to do both, but the city’s made it clear to us that that’s not an option on the other side.”

Assistant City Manager Scot Rigby said that’s because that area is already part of a tax increment financing district, a STAR bonds district and a community improvement district.

“It would be counter benefit to the city to repay existing TIF dollars to abate a new project,” he said.

Rigby added that the apartments are an answer to anyone who has criticized the city for giving incentives without seeing results.

“We anticipated this type of development to occur within the district.”

Rigby said the east apartments are eligible for construction sales tax abatement only. He said the city doesn’t normally offer property tax abatement for residential apartments.

Korroch said it’s good that the office development didn’t happen.

“It’s just so difficult. . . . Companies big and small are trying to figure out what the office world looks like in a post-COVID environment.”

He said apartments “sure just made a heck of a lot of sense.”

Conco Construction is the contractor, and SPT Architecture is the architect.

Korroch said the Gateway Apartments will help activate the WaterWalk development in a way nothing else has for about a decade. He said that includes substantial new property and sales tax revenue.

“This is bringing great value down there.”

This story was originally published October 6, 2020 at 2:49 PM.