Texas development group to take over downtown Wichita project
A Dallas development group is coming to the rescue of a stalled project in downtown Wichita. Talos Holdings has been working with Wichita officials on an agreement for the Exchange Place buildings at Douglas and Market.
Real Development of Minnesota was planning to renovate the 2 buildings into about 230 apartments with a high-tech garage, but the company has had financial difficulties with the downturn in the economy. No changes are planned for the project under the direction of Talos Holdings.
Wichita's urban development director, Alan Bell, says details of the agreement were still being worked out Monday, and the agreement will be presented to the city council at their regular meeting Tuesday. The city would fund about $10.2 million of the $60 million project, and Bell says there are security features designed to protect the city from risk.
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