23 May Spaghetti Works District builds momentum with iHeartMedia as newest tenant
In late March, basketball fans surged downtown for the NCAA women’s tournament regional at INTRUST Bank Arena, bringing foot traffic and an energy that had been hard to come by during the Covid-19 pandemic.
Meanwhile, as people hit Naftzger Park for activities near the arena’s doorstep, a new tenant in the neighboring Spaghetti Works District had been settling in — with a confidence it had found the right fit for its company.
iHeartMedia Inc. took over 2,650 square feet of the district’s second floor office space earlier this year. It’s a sign of momentum for the area that points to larger office market trends.
“It’s a true representation of what we are. It’s hip. It’s slick,” said Deb Tabor, senior vice president of sales at iHeartMedia (Nasdaq: IHRT). “It’s streamlined and it’s modern — and that’s what our company is.”
Tabor said the organization was looking for high-quality space, smaller than what it previously had at 9323 E. 37th St. N. and well-suited for a world where the hybrid-work model is making more sense for certain employers.
Naftzger Park and the location next to INTRUST Bank Arena immediately caught Tabor’s eye.
As a tenant, iHeartMedia, whose Wichita stations include Channel 96.3, 102.1 The Bull, B98 (97.9) and ALT 107.3, also has access to the rooftop of its new building, located at 645 E. Douglas Ave. There, the team will host intimate events with music artists for contest winners and VIPs.
Tabor added that iHeartMedia, which is the top podcast publisher in the nation and has a presence across the country through its stations and digital service, plans to be involved with public and community events at the park, including those led by nonprofits.
“There’s a lot going on, there’s a lot of energy and there are fun things to do,” she said of the area overall. “It’s a fun environment down here.”
The addition of iHeartMedia is a part of greater momentum Zach Zerbe of Landmark Commercial Real Estate sees in the Spaghetti Works District.
Zerbe, who has a leading role in property management and leasing within the district, said after a slowdown during 2020 due to the pandemic, interest from prospective office, retail and restaurant users has picked up significantly since last summer.
On the same floor as iHeartMedia, there is around 15,000 square feet of Class A office space available for lease. There’s also 2,200 square feet available on the first floor just off of Naftzger Park for retail/restaurant use, and 3,800 square feet of retail space available along Douglas in the district.
“We have showings constantly,” Zerbe said.
Zerbe said he’s seeing particularly strong interest on the office-user side, with people reaching out nearly every week about the available space.
“We’re getting attention from local office users, regional users, and we’ve even had some West Coast companies come through — all looking for a Wichita presence,” said Zerbe, adding that the available office space could go to one user or could be split up.
It’s an encouraging sign for the revitalized Spaghetti Works District, which started filling with tenants in the adjacent Spaghetti Works apartment building in 2019 and business tenants in late 2019 and into early 2020.
Those tenants include Martin Pringle Law Firm, HomeGrown, Eric Fisher Salon, The Hairy Sofa, and Peace, Love & Pie.
In addition to Landmark, TGC Development and Sunflower Development Group directed the district’s development efforts. Firms involved in Spaghetti Works projects have included Hutton, Shelden Architecture and Integrated Consulting Engineers.
Zerbe said that whether it’s local businesses or companies from other parts of the country — like California-based Novacoast Inc. — he sees the downtown area continuing to be attractive to prospective tenants. That’s despite the overall U.S. economic headwinds and recent stock market volatility. He attributes that allure in part to the city’s talent base and to its relatively low cost of living compared to other regions.
And he is seeing the same trends that others in the industry are noticing. Among them is an increasing number of companies seeking space that may not have the same square footage as property they’ve held before but delivers an office environment that can attract and retain talent.
That means opportunity for Spaghetti Works and the vibrancy within and around INTRUST Bank Arena and Naftzger Park.
“You want to provide your employees with an environment that is vibrant and fun,” he said.
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