The KCHH, LP project is in the process of raising $4,000,000 from eight EB-5 investors. These investors will be funding the renovation of one of the largest buildings in Wichita, Kansas, the former Lassen Hotel. This 11 story building will be renovated and converted into 110 market rate apartments.
Also known as Market Centre, this building is located at 155 Market Street in downtown Wichita; it was built in 1918 and operated as a hotel until the mid-1980’s, when it was turned into an office building. The market conditions of Wichita today show a static demand for a growing amount Class B office space while demonstrating a countervailing need for quality multi-family housing, making this a perfect time for this development.
Total construction costs for the 120,000 square foot project are expected to be in the vicinity of $26,250,000 with job creation of 112. EB-5 investors’ began seeing their Form I-526 petitions be approved starting in late 2016 and, by early 2017, all investors were approved at the I-526 stage at a 100% rate. Construction is tabbed to begin in Summer/Fall 2017.