Like its Market Centre neighbor, 125 N. Market could one day be home to some apartments.
“We’re looking at whether or not it makes sense to do apartments,” says Bryce Baker of Security National Life Insurance.
That’s the Salt Lake City-based company that took over the property from Real Development, which had called the building the Wichita Executive Centre.
Earlier this month, Have You Heard? reported that a Virginia limited partnership purchased the Market Centre at 155 N. Market and is converting it to a 110-unit apartment complex.
At 125 N. Market, the majority of the building will remain office space.
The existing 220,000 square feet of office space will stay the same, but there’s another 91,000 square feet on four floors where a hotel was until the late 1990s.
Baker says Real Development had done some plans for the hotel space that were enough “so we could start a feasibility study of our own.”
He says he has a background in offices and apartments.
“Apartments are an easier sell for me than some other type of use,” Baker says.
However, he says even if Security National decides to do apartments there, work wouldn’t start until at least late 2016.
For now, Baker says the focus remains on the office portion of the building, where there’s a 40 percent occupancy rate.
The company has made upgrades to the building with the goal to have it “function like Class A office should.”