The buyer of land off of the northeast corner of 37th and Rock Road may be based out of state, but it is well familiar with the area — and says multiple commercial uses could be on the way for the previously-vacant land.
Nashville-based V3 Realty LLC recently closed on the purchase following the approval of its request earlier this fall to change the zoning of nearly 17 acres in the area from limited industrial to general office. V3 said its experience with the Thorn Buildings at 8200 and 8300 E. Thorn Drive — which it bought with local partners in 2019 — tied into its decision to acquire more property just to the south of the buildings.
“As we spent more time in Wichita, our experience has convinced us of the long-term potential for the area,” the company said in an email to the WBJ. “We purchased the undeveloped property adjoining these office buildings to masterplan a development that includes a combination of complementary commercial, office and multifamily uses.”
A new flyer from Landmark Commercial Real Estate shows an approximately 275-unit luxury apartment complex is planned between Thorn Drive and 37th.
V3 also has three parcels now available for re-sale: one to the northwest of the potential apartments (and just north of the QuikTrip at Rock and 37th, Parcel 1) and two more to the east of the Thorn buildings (Parcel 2 and 3).
V3 did not share specifics on a timeline for development, but said it is “pursuing opportunities to do this ourselves and with local partners.” V3 added conversations “with users and local partners with interest in being part of this project” have already begun.
“We are in the midst of the planning phase, but the timing of the various aspects of the development will be dictated by market conditions,” V3 said.
Beau Hudson, a Landmark Commercial Real Estate sales associate and the site’s listing agent, worked on the sale transaction. The purchase price was undisclosed.
Hudson said having the Thorn owner buy surrounding land is “a big win for a number of reasons.”
“Short and long-term this is a huge benefit to the general area and what will come of it, versus what might have (happened) if parcels were sold separately,” Hudson said in an email. “Many times, the piecemeal approach can result in a ‘hodge podge’ that isn’t ultimately best for values collectively. The owners were smart enough to understand the value this land has to them in terms of their current and future assets as a whole on this site, so they acted.”
The nearby Thorn Buildings include Ascension Via Christi as a tenant, and V3 noted it has “made significant investments to modernize the buildings” since the 2019 purchase.
Hudson said that has included a basketball court (that now has pickleball court lines) and upgrades to the gym, which has moved to the main floor from the basement.
“These folks have a vision of cohesion within the development even though it will end up being ‘mixed use’,” Hudson said. “As has been demonstrated at Thorn, they improve properties, don’t cut corners and value amenities.”