Built in 1979, Shadyway Plaza is a Project-Based Section 8 Senior and Disabled property consisting of one, seven-story building with one-bedroom apartment homes on 1.47 acres. It is located at 1421 North Spruce Street, Wichita, KS 67214, near I-135 and 2 miles north of the Wichita central business district.
Shadyway Plaza is currently under rehabilitation and is receiving over $37,000 per unit in hard cost rehabilitation as part of Steele Properties’ acquisition. The scope of the renovation encompasses important interior and exterior upgrades including building improvements, new roofing, new doors, upgraded safety and security features and updated HVAC. Other project renovations include a renovated community room with kitchen and business center, upgraded common area lighting, as well as ADA unit conversions.
This project is financed with 4% tax credits allocated by Kansas Housing Resources Corporation (KHRC), tax exempt bonds issued by the City of Wichita, permanent and construction financing provided by KeyBank, and tax credit equity provided by National Development Council (NDC).