WICHITA — The Wichita Independent Business Association unveiled it’s almost 8,000-square-foot approximately $1.2 million building at 445 N. Waco four years ago.
Now, due to the economy, the board this week has decided to sell it.
“There’s a process going on,” says president Tim Witsman. “It’s not complete.”
WIBA has had an offer on the building. Witsman won’t disclose the potential buyer.
“There’s some people that are very prideful about the building, and that’s understandable,” Witsman says. “But I think the general view is, no, the important thing is what we do.
“We don’t want to get in the position where we’re cutting the things we provide,” he says. “By doing this, we ensure we don’t have to do that.”
WIBA is a nonprofit, but it also has the for-profit WIBA Insurance Services, and business is down.
“There are people who feel passionately that they would prefer to wait and see . . . a better economy,” Witsman says.
“The board’s real determination is we’re going to protect our reserves,” he says. “The building was simply too great of cost for the kind of incomes we had. It doesn’t work in this new environment.”
WIBA most likely would not lease back space from the potential new owner.
Witsman says WIBA will be at the building for at least several more months.
“I just don’t know after that.”