Wichita City Council members have approved a letter of intent for bond support for a $17 million project to convert an building in Old Town into apartments and retail space.
The Tulsa-based HiTone Lofts is planning to convert the former Winfield Building at 701 East 2nd into a complex with 72 apartments and space on the ground floor for retail stores or a restaurant.
The Council approved Industrial Revenue Bonds to support the project, and Tim Goodpasture with the city’s office of economic development said the bonds would be used for a sales tax exemption that would be valued at $412,000. The developer is not asking for a property tax abatement.
The Winfield Building was constructed in 1910 as a headquarters for the Winfield Wholesale Grocery Company. The building has been vacant for a number of years, and developers are planning to renovate the building and bring it up to modern standards.
