Wichita City Council to consider incentives for luxury apartment project

WICHITA, Kan. (KWCH) - In a few months, construction is set to start on a new luxury apartment complex in downtown Wichita. Next week, the city council will consider several tax incentives for the project at the northwest corner of Washington and Waterman.

Specifically, the Wichita City Council at its meeting next Tuesday will consider approving a letter of intent for industrial revenue bonds which Assistant City Manager Troy Anderson said will help the developer and create revenue for the city.

The industrial revenue bonds consist of a sales tax exemption and a property tax abatement, Anderson explained. Both are designed to incentivize the developer to build in downtown Wichita, improving the area at no cost to the city.

The city said it will make money off the project with the developer renting out the adjacent parking garage during construction.

Wichita Mayor Lily Wu said the project will also address the need for more downtown housing.

“We need housing from all different levels, from all different opportunities for folks,” she said.

Wu said that although the project is for luxury apartments, she expects it to address some of Wichita’s housing needs.

“In order to have affordability at all levels, we need to have more housing as a supply,” she said. “So really focusing more on housing is what we’re going to do with the council.”

The apartment complex will offer college students in Sedgwick County with a 10% rent credit for up to 10% of the units. Anderson said construction is expected to start in either June or July and the new downtown apartments will be open by 2027.