Developers show interest in site near 29th, Woodlawn (complete article from source)
Source: The Wichita Eagle, by Andi Atwater
August 09, 2008
A 10-acre plot of land for sale on Woodlawn near 29th Street North continues to spark interest among potential health care developers.
Just south of Anatomi Imaging and north of Galichia Heart Hospital, North Pointe is being touted as a prime spot for senior housing or assisted-living residences. The asking price: $1.2 million.
The developer, InSite Real Estate Group, says the land -- part of roughly 13 acres there it owns -- has been available for sale or development since the group originally bought 15 acres along North Woodlawn in 2003.
InSite originally marketed the property as ideal for both general and medical offices. The group built a 10,580-square-foot office building and sold that property, which later became Anatomi Imaging.
Interest in the land's possibilities ebb and flow with market demand, timing and relationships, InSite developer Dan Unruh said.
"Sometimes those strategies are to hold on to a piece of ground and develop it yourself. Sometimes it's selling, sometimes it's a joint venture, sometimes it's leasing," Unruh said. "We're in the real estate business and that business takes on multiple strategies.
"The main thing is, never sell something that you value more than somebody else."
InSite has extended utilities into the site, including sewer and municipal water service.
A traffic light was installed there in partnership with the new Jackson Elementary School.
Unruh said the shift to framing the property as ideal for senior housing took shape recently in light of the new developments and expansions the area, including at Larksfield Place near 29th North and Rock Road and Legend Senior Living's new development on Webb Road near 21st.
"We have taken the tack of promoting the site as a multimedical option including senior housing," he said. "We saw what was happening (in the industry), and we thought, hey, we have this great site as well and would love to expose this property in that marketplace and see if we could do something."
There is no lack of interest in the site.
Galichia Heart Hospital and other potential buyers have been eyeing the property as well.
Steve Harris, Galichia hospital's chief executive, said another buyer has an option on the property at the moment, but that the hospital remains "very interested" in purchasing it.
"We have an idea of what we want to do with it, but we're not ready to make an announcement," he said.
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