DevelopmentFriday, October 30
Newton commissioners voted to start negotiations with a Wichita developer on the historic depot
The Daily Wichita team
The Newton City Commission voted Tuesday to begin negotiations with Wichita developer Bruce Rowley, the Hutch Post reports. His plan puts a restaurant, brewery and retail space on the first floor and apartments or short-term lodging upstairs. It also covers city-owned land at 320 N. Main St., with a farmers market pavilion and an elevated pedestrian walkway.
The Eagle reports the city has the almost 30,000-square-foot building under contract for $500,000. Rowley estimates the first phase will take two to three years and cost about $6 million inside the building.
Rowley estimates the first phase at about $6 million, against a $500,000 depot price
Source: Wichita Eagle
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| Value | |
|---|---|
| City's contract price for the depot | $0.5 million |
| First phase inside depot (estimate) | $6 million |
Rowley says Kansas raising its historic tax credit made projects like this more feasible. The team expects to pursue those credits along with grants, tax increment financing districts and community improvement districts.
Kansas raised its historic tax credit from 25% to 40% of a project
40%Kansas historic tax credit, share of a project
Sources: Wichita Eagle, Hutch Post
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| Value | |
|---|---|
| Kansas historic tax credit, share of a project | 40% |
| Before the increase | 25% |
- Address: 414 N. Main St.
- Amtrak's Southwest Chief stops there; busiest rail station in Kansas
- Any city incentives would need further commission review
Sources: Hutch Post, Wichita Eagle