November 28, 2023
Wichita City Council members voted to approve changes in a development plan for a $110 million mixed-use development in the Delano neighborhood.
Council members passed an amendment to the Wichita Riverfront Stadium, allowing $11.3 million in tax increment financing (TIF) funds to aid Overland Park-based developer EPC Real Estate Group.
The council voted 6-1 to approve the changed project plan.
EPC Real Estate Group plans to develop a 155-key hotel, a 150-unit apartment complex and 10,000 square feet of retail space along with a 260-stall parking garage. Construction costs have increased the project’s investment of $77 million to $110 million, according to council meeting documents.
An estimated $3.3 million in additional TIF funds will be allocated for construction costs of the Riverfront Stadium.
EPC also plans to develop a parking structure in addition to its hotel and apartment complex. However, TIF will be used to pay EPC back for money spent on the parking garage. EPC will then sell the garage back to the city and lease it.