KANSAS CITY, MISSOURI (April 11, 2022) — MetroPlains and Northmarq announce the sale of Eaton Place, a historic city block featuring residential lofts and commercial space in the heart of downtown Wichita, Kansas. Northmarq’s Gabe Tovar and Dominic Martinez represented MetroPlains in the sale and sourced the buyer, Altas Multifamily Group, a Dallas-based syndication. This marks Atlas’ first acquisition in Wichita and the state of Kansas.
“MetroPlains pioneered a meticulous restoration of Eaton Place at a time when few were developing housing within the urban core. After two decades of professional operation, and continued economic expansion, we are excited to see a new entrant convey a similar vote of confidence in this landmark asset and the overall Wichita market,” said Tovar.
Located one block from the Intrust Bank Arena, Eaton Place is comprised of 115 units and 30,000 sq. ft. of first-floor commercial spaces. The historic nature of the property makes it one of the most significant adaptive reuse projects ever completed in Wichita.
The property’s history dates to 1886 with the iconic Hotel Carey made famous during the prohibition era. Over the years additional structures were added and a mix of uses was operated throughout. In the 2000, the City of Wichita selected MetroPlains Development, a national development firm experienced in over 55 historic projects, to proceed with the adaptive reuse of eight existing buildings and construction of a ninth, Eaton’s 40-unit residential tower and structured parking garage.
The development process was a true public-private partnership. Joan Cole, Vice Mayor of the Wichita City Council was the visionary and driving force behind Eaton Place. Eaton’s development team of Metroplains, Key Construction and Wilson Darnell Mann worked with City leaders on key development decisions and to assemble funding for the project including historic and low-income housing tax credits, tax-exempt bonds, a Community Development Block Grant loan, federal HOME funds, and private bonds to support the $15,000,000 rehabilitation.
The grand opening featured Jim Lehrer of PBS as keynote speaker based on his ties to Wichita and the Eaton Place Hotel growing up. The Wichita Symphony Show Case fundraiser was held at Eaton Place during its first two months of operations.