Tuesday, January 15, 2013
Wichita City Council unanimously passed a vote to approve Phase I of the STAR Bond project plan near K-96 and Greenwich Road.
Last year, the council approved a STAR Bond District for the proposed STAR Bond project. The anchor of the development includes the GoodSports Fieldhouse, a multi-sports athletic complex.
In addition to the Fieldhouse, Phase 1 will include the Wavehouse, a destination water-park with an associated 150-room hotel, the recently-opened 80,000 square foot Cabela’s retail store, a similar
national-level retail tenant occupying 72,000 square feet, and approximately 70,000 square feet of multiple super-regional level retailers.
The Kansas Secretary of Commerce has final approval on the project plan. If approved, developers plan to break ground on construction in the spring.
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Tuesday, December 11, 2012
Wichita City Council is considering a STAR Bond project plan near K-96 and Greenwich Road. Today, the council set a public hearing for Jan. 15th.
In February, the city council unanimously approved a STAR Bond District for the proposed STAR Bond project. The anchor of the development includes the GoodSports Fieldhouse, a multi-sports athletic complex.
The Fieldhouse would include indoor sports courts and facilities for wrestling, archery, fencing, volleyball, and basketball.
"The Good Sports Fieldhouse is a key component to that because with a 65,000 square foot, major multi-sport athletic facility, we'll be able to host regional and national youth sports tournaments," said Korb Maxwell, attorney for GoodSports Fieldhouse.
The developers plan to build on 423 acres of land to build the complex, hotels, and retail spaces.
The total estimated cost to complete the project is $429 million with the first phase comprising approximately $130 million of that amount.
Maxwell said the developers will likely use about $30 million in STAR bond funding for infrastructure and land acquisition. The remaining $100 million would be financed with private debt and equity.
According to Canyon Research Southwest research, the project is anticipated to draw 1.9 million annual visitors with 300,000 annual visitors generated by the Fieldhouse. Over 30% of these visitors (591,413 total) are expected to come from out-of-state. Additionally, it is estimated the first phase will produce an annual increase in retail sales volume of approximately $83,600,000 at completion.
After the Jan. 15th public hearing, the council can vote to approve or reject the project plan.