By Bob Ale-Ebrahim, Occidental Management
Wichita has seen significant growth in the commercial real estate market for two years in a row. There have been sizable investments in downtown, new industrial campuses, medical offices and higher education institutions. These projects are spurring strong momentum in downtown Wichita.
Wichita is a thriving hub of social, professional and cultural experiences with 350 new residential units under development with over 120 unique retailers and 4.1 million square feet of occupied office space. Add in the solid job growth, and Wichita continues to show significant signs of a solid and expanding economy.
Projects recently completed include the WSU Tech National Institute for Culinary & Hospitality Education (NICHE), The Hudson St. Francis (event space), The Arcade and the Chester I. Lewis Reflection Square Park. Projects under construction include Hi-Tone Lofts, Sutton Place student housing and the Broadway Plaza AC Marriott Hotel.
Projects in the planning stage are street improvements at Commerce and St. Francis streets, the Wichita Biomedical Campus, Wichita Transit multimodal facility, ballpark/riverfront stadium development, Exploration Place amphitheater and destination playscape, Delano Riverfront Stadium project and the Kingdom Building.
Wichita’s economic development generated more than $418 million in capital investment in 2023 alone. Remarks from the Greater Wichita Partnership annual meeting stated, “The pipeline of projects that the Wichita region is a finalist or awaiting announcement for is the most robust to date with $5.3 billion in investment.” Wichita is witnessing incredible growth and years of strategic planning is coming to fruition throughout the city.
Since 2010, more than $1.6 billion has been invested in downtown Wichita with 107 projects completed. Greater Wichita Partnership President Jeff Fluhr states, “Investment in our downtown is an investment in our city’s future. We are creating a competitive advantage in terms of talent retention and attraction as well as industry expansion and diversification.”
Exploration Place’s $22 million EP2 Initiative includes a fully funded riverfront amphitheater, an age-progressive destination playscape and a new education center. The project will elevate Wichita’s status as a regional tourism destination and serve as a catalyst for further economic development throughout the downtown river corridor.
The Ballpark District will see construction of a new upscale hotel, residential units and a supporting parking garage in the lots adjacent to and near Riverfront Stadium. The $110 million project will serve as a southern anchor to Wichita’s riverfront and complement Exploration Place’s EP2 Initiative, enhancing walkability and connectivity to the area.
The Kansas African American Museum launched a $6 million campaign to fund its new location in downtown Wichita. The renovated building will provide twice the space for programming exhibitions and research, further developing the storytelling opportunities of the cultural assets in the Wichita community.
The Wichita Biomedical Campus, a planned partnership between Wichita State University and the University of Kansas, is one of the largest single investments in downtown Wichita’s history. The estimated $302 million campus will create a healthcare corridor in downtown, leading to advanced medical care, educational innovation, and new academic and business partnerships.
Integra Technologies, the largest outsourced semiconductor assembly and test operation in the U.S., expects to bring 1 million square feet of industrial space and 2,000 jobs to Bel Aire, Kansas, with up to 3,000 additional potential jobs to ancillary workforce creation. The announcement was the second largest economic package in Kansas history, totaling $1.8 billion, and is the largest expansion in the semiconductor industry in the U.S.
Bel Aire, a Wichita suburb, hosts numerous planned and under-development industrial projects in the Sunflower Commerce Park, including an industrial campus owned by Occidental Management capable of hosting 1 million square feet of space. Chad Stafford, president of Occidental Management, adds, “Integra’s announcement, along with the Highway 254 access improvements, will solidify the industrial development of this area of Wichita for future growth in the 1-35 mega-corridor.”
Along with all the significant development, Occidental Management is bringing two new businesses to its historic Union Station and Ice House buildings in downtown. The Koch-funded nonprofit Learning Lab of Wichita is under construction and will occupy 16,000 square feet at Union Station, and Simmons Bank is relocating its regional office to Union Station and will occupy 15,000 square feet. At the Ice House building, BHC + Savoy Co. opened its new satellite office in January.
Wichita is becoming more competitive for new and growing companies to locate here. According to Forbes, Wichita was voted the No. 4 best place to move to in 2024. Forbes was impressed with our high unemployment rate, low median housing costs, decent median family income and favorable climate.
This stability in the labor market and the expected growth in various sectors underscores Wichita’s resilience and adaptability. Wichita is well poised to navigate the challenges of the global economy and leverage its inherent strengths.
Bob Ale-Ebrahim is the marketing director for Occidental Management. This article originally appeared in the May 2024 issue of Heartland Real Estate Business magazine.