27 Jul Pixius deal moves forward on St. Francis
Wichita Business Journal – by Chris Moon
Date: Wednesday, July 27, 2011, 12:32pm CDT
Jay Maxwell has closed on the purchase of the former Southwest Office Supply building near Old Town.
Maxwell plans to renovate and expand the 14,000-square-foot building at 301 N. St. Francis so that it can house his company, Pixius Communications.
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The deal was delayed a couple of months after the Wichita City Council in May rejected the issuance of industrial revenue bonds and tax exemptions for the $3 million project. Pixius didn’t qualify for those incentives because not enough of its sales came from outside the metro area.
Maxwell says the project got a little smaller as a result.
"We had to pull a lot of costs out of the deal. We just downsized some ideas. Nothing catastrophic," he says.
But the project will receive a $900,000 facade improvement loan from the city.
Construction is expected to begin in September. Crossland Construction Co. Crossland Construction Co. Latest from The Business Journals Another Neighborhood Market goes to Key ConstructionWaiting for the big rain in western KansasKansas contractors move up, down on ENR list Follow this company is the general contractor. Spangenberg Phillips Tice Architecture has designed the space.
Maxwell says the building, as originally planned, will add a second-level mezzanine, which will expand the space by about 9,000 square feet. The building will house about 35 Pixius employees.
Ted Branson, of Landmark Commercial Real Estate, brokered the sale. The price wasn’t disclosed. The deal closed Monday.
Keith Stevens, of Southwest National Bank Southwest National Bank Latest from The Business Journals Wichita banks create lending consortium to spur downtown development12 banks in consortium to help fund downtown projectsTCK’S English thinks about the business - and his clients – constantly Follow this company , and Dave Burk, of Marketplace Properties, were the sellers.
Maxwell says he expects his company to move into the building by March or April.
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