Parkstone at College Hill is changing again. Plans for a parking ramp underneath a 14-story condo tower have been axed in favor of a cheaper ramp next to the building, and the layout of buildings has been reshuffled.
But the residential-commercial project northeast of the Douglas and Hillside intersection is still taxpayer-supported through a tax increment finance district. And the new plans, which trim developers’ costs, will need city council approval Tuesday.
Here’s the skinny on the changes, according to city documents:
The number of “brownstone” units will be cut by 21. There will be 83 units in the condo tower instead of 94. There will be more lofts and flats, but less retail space at Victor and Rutan.
But while some costs shrank, paving expenses increased. The $5.6 million in TIF money stays the same. That is taxpayer money that will be repaid by any increase in property tax payments from developer College Hill Urban Village, LLC, a venture started by Mike Loveland.
Allen Bell, director of the city’s urban development department, said the city has conducted another analysis of the project’s financing gaps and that the it still qualifies for TIF dollars.
Developers also ran into increased costs when they asked construction crews to speed up building so that completed units would be ready in time for the Symphony Showcase, a homes show to raise money for the Wichita Symphony. Public Works Director Chris Carrier said the city is analyzing those costs to see if the city should have to pay more for expedited construction. “We haven’t agreed to or denied it,” he said.