Destination Water Park Part Of STAR Bond Proposal

By: Wichita Business Journal Email
By: Wichita Business Journal Email

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December 7, 2012

The newly available project plan for the GoodSports STAR bond district at K-96 and Greenwich Road — still subject to city and state approval — has an interesting new nugget.

Wavehouse, a destination water park with an associated 150-room hotel.

The water park is part of the project’s planned first phase. The phase would be anchored by the Fieldhouse, a multi-sport athletic complex that developers say could attract major youth sports competitions. Also in the first phase would be a large-format retailer that the project plan likens to the Cabela’s that recently opened at the intersection, plus about 70,000 square feet worth of super-regional-level retailers. A second 150-room hotel would be associated with Fieldhouse.

The total capital investment in the first phase would be about $123 million, the project plan says.

Future phases, the plan says, would include an estimated 630,000 square feet of commercial space, a medical campus and about 60,000 square feet of general office space, plus pad sites for future development opportunities.

Keep in mind this project plan is just starting to move through a lengthy approval process.

It’s in the Wichita City Council’s agenda packet for next week.

The council is expected to vote Tuesday to establish a public hearing on the project plan. The hearing is likely to take place Jan. 15. After that, the council can vote to approve the project plan. The final step is approval of the project plan from the Kansas Secretary of Commerce.

Also Tuesday, the council is scheduled to consider issuing industrial revenue bonds for American Baptist Estates, Bombardier Learjet, C&C Development/Atlas Aerospace and Cessna Aircraft Co. The council has already approved letters of intent related to these bonds, so Tuesday’s votes will be to actually allow the issues to move forward.

Under the industrial revenue bond program, private buyers purchase the bonds and the benefiting companies repay them. The benefits are tax-related — taxes are temporarily abated on bond-financed property.


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