16 Apr 2018 Real Estate Awards Deals of the Year: Spaghetti Works – Martin Pringle Law Firm
The revitalization of downtown Wichita garnered something of a capstone late last year when plans were announced for major development to one of the most iconic spots in the city’s core.
Developers in December revealed plans for a $23 million mixed-use development at the Spaghetti Works building downtown that will revitalize the existing building and expand the property’s usefulness.
“This is a project for the city of Wichita as a whole,” says developer Nick Esterline. “It creates something for everybody.”
Esterline — whose Seneca Property LLC bought the building along with Sunflower Wichita LLC in 2016 — is principal of TGC Development, one of the development entities on the project.
The plan calls for turning the Spaghetti Works building into a 41-unit apartment complex, with the addition 8,000-square-feet of retail space and another 27,000-square-feet of Class A office space that would face Douglas Avenue and sit adjacent to Naftzger Park.
But news related to the development wasn’t done with just the project’s reveal, as it was announced in January that law firm Martin, Pringle, Oliver, Wallace & Bauer LLP will make 28,000 square feet of space in the new development its Wichita headquarters.
“They are as committed to being there as we are to building the project,” says Brad Saville, CEO of another of the project’s development partners, Landmark Commercial Real Estate.
And, Esterline says, the law firm’s buy in gives the project an important cornerstone from the outset.
“Their stamp of approval speaks volumes about the project and downtown as a whole,” he says.
Work on the Shelden Architecture-designed project is expected to begin later this year, with the Wichita City Council in January moving a measure to establish a tax-incentivized community improvement district surrounding the project past the public hearing stage.
The project is in keeping with the national trend of “live, work and play,” and the developers say, an important addition to downtown revitalization that fits perfectly with other nearby projects like Cargill’s new headquarters, Union Station, Intrust Bank Arena and proposed improvements to Naftzger Park.
“(Spaghetti Works has been a property that everybody has had their eye on for over 10 years,” Saville says. “It’s going to be exciting to see that area get revitalized.”
Article found @ https://www.bizjournals.com/wichita/news/2018/04/13/2018-eal-estate-awards-deals-of-the-year-spaghetti.html
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