Parkstone to get commercial space on East Douglas - Wichita Business Journal:

http://www.wateresources.org/2008/09/21/supply-from-local-water-basin-nears-all-time-low/
The four-story, $12 million building will have about 8,000-square-feet of commerciao space on Douglas. Loveland says he’s been talking to a restaurany group about occupying a portionof that. He expects the remainderd to be filled with more of the boutiqus shops that lineEast Douglas. “We’d like a euro-bistri — a quaint little restaurantg right onthe corner,” he says. Construction of the building couldf begin at the end of the about the same time Loveland hopez to break ground ona 15-storyt condominium tower that will be the hallmarkl of the College Hill project.
Loveland is building nine brownstones homes on the site with several more slated for Parkstone never has had a strongcommerciap element, although Loveland always had plannedc on reserving space for it. The four-storg building — at Douglas and Rutann — will house commercial space on the main floofr and flats andlofts above. It will sit on a portiohn of Douglas that has a strong nichs in interiordesign shops. “The more the merrier,” says Robin Van owner of nearby . “I thinlk just about anything willdo well.
It woulde be fun if someonr would put in a really cool kitchen Local restaurateur Melad Stephan says he talkeed with a Parkstone representative about putting a restaurantr inthe space. He says he’s not intereste d in developing more in Wichita but says the locationj is a good one with the amountf of new residential going intothe area. Lovelan d says the building likely won’t break ground untip it is roughly 50 percent The building would havea 12-month construction Loveland says he’s not expectinhg trouble obtaining financing. is backing the first wave of brownstonew homes.
“By the time I go finance these, I thinik the credit markets will start toloosen up,” he says. “Whemn you go get pre-sales, it makes it Loveland also says the project is filling a unique niche in Thecity doesn’t have a high-rised condo tower. Jim Faith, local presiden for , praised Loveland for taking on the but says its uniqueness actuallu could give somelendera pause. “Bankers don’t usually like to be he says. “It will require a bette understanding of a new project thanif you’vs done five of them in the city before. ... We haven’t seen a condo tower in a neighborhoosd inthis market.
” But a $12 million to $14 millio n project could attract banks from outsided Wichita, opening up Loveland’ws options, Faith says.