Carriage Park Center has new owners, and Terry and Sarah Scott are already making their mark on the property.
The Scotts, who are based in Florida, closed Aug. 31 on the purchase of the east Wichita mixed-use development that has struggled to keep up with other parts of the city.
They have already changed the name to “Village of Carriage Parkway” and want to energize the center that has been “under improved” for years, according to Terry Scott.
One bold goal: to take the current 50% occupancy rate to 100% in the next 16 months.
“We have a big vision for this place,” he said.
Plans include $2.5 million of investment — on top of additional spending to bring in businesses — in the nine-acre property near Central and Edgemoor that includes 118,762 square feet of space across three buildings.
The Scotts may face a challenge in capturing momentum competing with growth in places like the Delano District and northwest and northeast Wichita, but they spoke confidently of their plans to the WBJ.
Terry Scott, who owned Oxford Square at 21st and Woodlawn from July 2000 to December 2007, said the Village of Carriage Parkway will “bring a little Rock Road, Webb and Greenwich Road” at lower rents.
For an example of renovations to come, he highlighted the 625 N. Carriage Parkway building, the second-largest on site.
In addition to new paint, Terry Scott said plans include resurfacing the roof and repaving the parking lot. Throughout the development, signage will be enhanced and irrigation and landscaping will be improved, among other upgrades.
Rod Coker of Architectural Development Services is the architect on the renovations, and the Scotts are currently interviewing local companies to determine the general contractor.
The goal is to complete the Village’s exterior renovations by June 2023, with interior improvements taking place concurrently.
Terry Scott said property maintenance will be a priority, as will security, with added cameras and exterior lighting.
The Scotts, who now lead leasing for the site, said they have a variety of new tenants lined up.
The approach, Terry Scott said, is to buy franchises, build the businesses as the property is improved and sell them to local operators with the help of Todd Bailey and Erin Blevins at Transworld Business Advisors.
Scott said they are already set to bring in Charming Salon Suites and My Laundry Place, a full-service laundry business, as new tenants.
While he couldn’t reveal other names, Scott said he’s also working to bring in a fitness center, coffee shop and a national mattress company.
He said plans include turning a portion of the 650 N. Carriage Parkway building, the largest on site, into “pet central” with a doggy day care and day spa and a veterinary clinic, among other pet businesses.
Scott said they are open to tenants outside of their own franchises, noting they have a rigorous application process and are interested in local businesses ranging from chefs to electricians and carpenters.
As for current businesses on site, the Scotts said they have no plans to greatly increase rents overnight.
“Our job truly is to help our tenants do better and become more successful businesses,” Sarah Scott said.
The couple said they help tenants with marketing and plan to launch a new Village website.
Terry Scott highlighted the longevity of current Village businesses, like the Thai Tradition restaurant, and said tenants Kelcy’s Dance Studio and Attitudes Dancewear work well off of each other — and can bring in strong traffic for current and future Village businesses.
“We’ve got a good tenant stock,” said Scott, adding they’ve started the process of renewing leases at the development.
Tony Utter, the president of Utter Commercial Real Estate who has a three-decade history with the property built in the mid-1980s, said it was “time for new life for the center and new ownership.”
Utter and his firm led leasing efforts for Carriage Park under the previous owners, and he worked with John Schupp of Avison Young on the the seller side of the purchase.
Financial terms were not disclosed.
“I think it’ll be a boost for the center and existing tenants and they will be able to attract new tenants,” Utter said.
Records listed Carriage Park Center Associates LP as the previous owner of Carriage Park, and it was part of the nationwide portfolio of Gemini Rosemont, a Los Angeles-based real estate investment manager.
The Scotts, who have developments in Canada and throughout the U.S., said they plan to spend three days to two weeks each month in Wichita as they work to see their vision come true.
“We follow through,” Terry Scott said. “It’s already T’d up — it’s just a matter of execution.”
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