Council Member Jeff Longwell announced today that the US Army Corps of Engineers has granted a 404 permit for a multi-purpose project located near the intersection of Maize Road and 29th Street North in an area known as Cadillac Lake. The applicants are the City of Wichita; NewMarket V, LLC; and East Side Investments, LLC.
The permit allows for the majority of the property in the project area (54 acres) to be used for a wetland preserve and a detention facility to provide additional protection from flooding to the surrounding neighborhoods, where the private developers will fund over 40 percent of the construction costs for the facility and bear nearly 75 percent of the total project costs. It also allows for a 10-acre expansion of NewMarket Square on the west side of Maize Road, with an estimated additional investment of $18 - $20 million and the development of over 321,000 square feet of retail and restaurant development on the east side of Maize, anchored by Lowe’s (171,059 square foot store and garden center).
“We are pleased to launch this extraordinary private-public partnership allowing us to provide additional protection from flooding to the homeowners in my district while generating new commercial development and creating, preserving and restoring existing wetlands,” Longwell said. “I am grateful to the private developers for funding such a large portion of the project, saving money for Wichita taxpayers while boosting Wichita’s economic vitality.”
Approximately 18 acres on the west side of Maize Road will also be used for detention and additional wetlands preservation. The commercial development by NewMarket V and East Side Investments constitutes over $40 million invested in construction costs along with projected annual sales taxes over $10.5 million and property taxes nearly $1 million. In adherence with Corps of Engineers requirements, the private developers are also contributing $300,000 to the creation and restoration of wetlands located at Cowskin Creek.
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