Cox gets contract on Union Station site - Wichita Business Journal:

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Phil Frigon, owner of Cantilever Wichita LLC, says it's too earlyg to tell what he'llk do with the historic site, although it's certain to matcj the feel ofOld Town. He says some new restaurants might popup there. He plans to close on the deal in90 "It will be stuff that fits in thered (with Old Town)," he says. But, "there'se too much conjecture. I haven't even closed on this." Cox has had the buildingf near Douglas and Mead on the markegt for months after moving to a larget location insouth Wichita. The compant was asking $6.5 million for the which consistsof 105,000 square feet in three buildings.
Cox spokesman Jay Allbaugh says the building will sell closes to its asking pricbut wasn't specific. "He has an entertainment and retaikl plan forthe venue, which I think is says Allbaugh. "It's kind of a win-winm deal." Frigon has invested in real estate for He has propertiesin Topeka, Manhattan and Colo. "It's just me, basically. I'm not a big company," he CB Richard Ellis in Atlantaand Wichita's Grubb & Ellis/Martens Commerciakl Group is representing Cox in the transaction. Cox will leasde back two buildings for itsown use. The site coverzs 9.4 acres. The developmentr comes as construction continueson , whicj sits just to the west.
The arenza is set for completion inJanuary 2010. Earlyu on, there was some doubt among developers about whethefr Cox would be able to find a buyer with entertainmentt plans for the facility because offinancing concerns. Some thoughtg the building would remain as an which Cox used it for duringits stay. Frigon wouldn't say where his financing on the projecty wouldcome from. But he says he'sw been impressed with the efforts to revitalizeedowntown Wichita. He praised the sales tax passed by votersz that is paying for thedowntown arena. He also spokde highly of the improvements along theArkansas River. "It's significanf what they did.
It takes a lot of foresighrt and gumption," he says. "These thingds don't happen out of thin air."