FOR IMMEDIATE RELEASE
April 26, 2005
WICHITA DEVELOPERS ANNOUNCE MAJOR
MASTER PLANNED PROJECT IN FAST-GROWING ANDOVER
Ground Breaking Set For Spring
(WICHITA, KS) – Two of Wichita’s most active real estate developers,
Laham Development and Ritchie Development, have announced they will
joint venture on creation of the largest master planned real estate
development in the Wichita metropolitan area since the 320-acre
Wilson Estates was announced in November 1995. Named Cornerstone,
the 520-acre mixed-used development will be located at Andover Road
and 21st Street in the booming city of Andover within Butler County.
As the largest remaining piece of contiguous, undeveloped land
within Andover, Cornerstone will include 85 acres of commercial,
office and garden-style apartments along with 435 acres of residential.
The project will be located north of 21st Street from Andover Road
on the east to 159th Street on the west.
The first commercial parcel located at the corner of 21st and
Andover Road is designed as a 45-acre grocery-anchored retail center
that will include retail, restaurants and financial institutions.
West of the retail development will be the entrance to several single-family
developments. A 15-acre garden-style apartment complex is planned
next to that. All of the commercial projects are being undertaken
by Laham Development.
Cornerstone’s 435-acre residential component will be developed
by Ritchie Development. It will include approximately 750 single-family
homes ranging in price from $90,000 to $500,000. The residences
at Cornerstone will consist of individual neighborhoods within the
master planned community with amenities such as lakes, parks, swimming
pools and walking paths typical of Ritchie communities. Construction
will begin this summer on infrastructure with completion of the
residential communities at Cornerstone estimated in 10 years.
In addition to Cornerstone, other Ritchie projects currently underway
or nearing completion include Reed’s Cove at 127th & 21st; The
Fairmont at 127th & 21st, just north of Magdalen Church; Chestnut
Ridge on 21st between 127th & 143rd; Rocky Creek at 13th &
127th; Pine Meadow at Central & Greenwich; and Wilson Estates
on 21st Street between Rock Road & Webb.
Laham Development’s other projects include Regency Lakes, Plazzio
and Bradley Fair. With up to 500,000-square-feet, Regency Lakes
shopping center is anchored by Super Target and the just-announced
World Market. It is located at 21st & Greenwich Road. Plazzio
retail and entertainment center at 13th & Greenwich Road features
347,000-square-feet including 15 stores, restaurants, hotel and
entertainment concepts anchored by the Warren Theater and The Alley
Entertainment Center. The Warren recently announced a $10 million
expansion adding eight new screens to its existing 12. The 60,000-square-foot
Alley opened in the fall of 2004 includes 42 lanes of bowling, an
indoor go cart track, sports bar, billiards room for teens and corporate
meeting rooms. Bradley Fair lifestyle shopping center consists of
255,000-square-feet with 52 stores and restaurants. The center has
become known for its scenic open air Plaza hosting concerts, opera
performances, fireworks and other special events throughout the
year.
Project engineer for the commercial developments at Cornerstone
is Professional Engineering Consultants. Residential project engineer
is Mid-Kansas Engineering Consultants. J. P. Weigand & Sons
is the exclusive broker for the commercial properties. |
