Wichita City Council OKs $21 million in IRBs for Towne West redevelopers

Two weeks after a last nostalgic goodbye to Towne West Square, the Wichita City Council on Tuesday voted in favor of $21 million in industrial revenue bonds for the $41 million redevelopment of the mall into the new Wichita Business Park.

There wasn’t much discussion about the project at the meeting, but in a news release from developers Industrial Realty Group and Provider Real Estate Partners, Mayor Lily Wu and council member Dalton Glasscock were both quoted about how excited they are.

“The City of Wichita is thrilled to have new ownership of this property and is excited about the redevelopment plan proposed by IRG and PREP,” Wu said in the release.

At the meeting, Glasscock also thanked the developers for what he called their significant development.

The developers plan to convert the mall into a business campus for a variety of potential tenants, none of which have been named yet.

That could include offices, manufacturing, light industrial, flex spaces and research and development uses in addition to some retail and commercial uses remaining at the former mall.

Previously the planning commission approved a zone change to a limited industrial district, and the council voted for a zoning overlay to help the redevelopment, which is planning to start construction this summer and be ready to accept tenants in early 2026.

Construction will be done in phases and be complete by 2028.

The release touts the proximity of the almost 600,000-square-foot property, which is on 60 acres at 4600 W. Kellogg, to the nearby Eisenhower National Airport.

That and easy highway access will help the business park “be an economic hub and create long-term regional prosperity,” the release said.

“Wichita Business Park will serve as a catalyst for future economic growth in the greater Wichita market,” said PREP partner Chris Salata in the release. “We expect this project to attract future investment and support job creation in and around southwest Wichita.”

The idea is that a mix of tenants will spur other development, such as restaurants and service-type retail on the periphery of the business park.

“We are confident in Wichita Business Park’s success because it has all of the right components coming together,” said IRG executive vice president Peter Goffstein in the release. “From the market dynamics to its great location, this project is a prime opportunity to fill a need in the Wichita community.”

Grant Glasgow and Scott Salome of NAI Martens are marketing the business park.

IRG is a real estate development and investment firm that has a portfolio of more than 150 properties with more than 100 million square feet of space to rent in 31 states. It’s known for adaptive reuses that help solve problems of what to do with challenging real estate.

PREP, which manages real estate funds and advises in the industry, also invests in transforming properties to increase their value.

The two companies are redeveloping the property under the name Wichita Maple LLC.

At Tuesday’s meeting, Assistant City Manager Troy Anderson said the companies have “a proven business model” of redevelopment in other cities.

The city expects the developers to seek tax increment financing as well early next year that would be a form of property tax abatement.

Companies that are expanding or hiring new workers often seek IRBs to get sales tax exemptions and — or — property tax abatement.

As is the case with Wichita Maple, the entity pays to acquire the financing, eventually repays the loans — usually at a lower interest rate than bank loans — and taxpayer dollars are not used.

However, as part of the $21 million in IRBs, the Wichita Maple developers are seeking a sales tax exemption of about $500,000 for construction materials and labor. That amount includes state and local tax exemptions, the city’s portion of which is about $39,000.

This story was originally published July 15, 2025 at 4:04 AM.