The Wichita City Council voted unanimously Tuesday to amend an agreement for a major apartment structure to be built in downtown Wichita. The change allows the Exchange Place Project to move forward.
Changes include a new developer for the Exchange Place project - John McWilliams, President of Talos Holdings out of Park City, Utah, will replace Minnesota developers.
McWilliams has a proven record with financed projects through HUD, US Department of Housing and Urban Development.
The $65 million project near the intersection of Douglas and Market is expected to include 230 apartment units, 273 parking spaces, a restaurant and a grocery store.
Vice Mayor Janet Miller, whose district includes downtown Wichita, says in 2012 alone there's been more than $44 million in private investment made in downtown.
"Over the past four years private investment in downtown to public investment has been at a 4 to 1 ratio, which is a significant change from previous years in terms of our downtown revitalization efforts," says Miller. "So this project is going to be yet another catalytic project that moves downtown forward in a big way."
With HUD's approval expected in the spring, the Exchange Place project would break ground this summer.