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MIDDLE MARKET HIGHLIGHT, AUGUST 2006
Manhattan, Kansas
Dan Marcec
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Kansas State University is building a $55 million biosecurity research institute on its campus in Manhattan.
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Though the city of Manhattan, Kansas, is just now crossing the threshold of 50,000 residents, the commercial real estate industry is flourishing across the board due to several significant developments in the area. Just a few miles away in neighboring Geary County, the Fort Riley Military Reservation expects to gain 9,700 troops within the next 5 years, ultimately leading to a population growth of 30,000 people to the area. Obviously, for a metropolitan area of Manhattan’s size, this type of boom engenders excitement in the commercial real estate arena. As a result, retail development is ramping up, and in Fort Riley alone, more than 9,000 living units will be added to meet the growing influx of troops.
Other major developments are affecting the market in Manhattan as well. Along Third and Fourth streets, the downtown area is undergoing a redevelopment initiative, where Best Buy has already broken ground on a store, with completion expected for October of this year. Overall, approximately $150 million is going into the development of more than 300,000 square feet of retail, 10,000 square feet of office space, hotel rooms and residential units in the downtown sector. As the retail hub for an eight-county area, Manhattan has taken on the challenge of meeting the demand. Target, The Home Depot and Kmart all are thriving in the market, and top restaurants and retailers have taken notice and are showing interest.
“Overall, many communities are not growing as quickly as they’d like, so we feel very fortunate to have such solid growth right now,” says John Pagen, business development manager for the Manhattan Area Chamber of Commerce. “Almost every indicator worth mentioning is trending up, and with more people comes more activity.”
Amidst all of Manhattan’s commercial real estate success, Kansas State University (KSU), which is located in the city, also is growing exponentially, adding even more to the positive development climate. The university is underway on a $55 million biosecurity research institute located on its campus, from which the community is hoping to spin off private business in the future. The institute will increase Manhattan’s visibility to the biosecurity, food safety and animal health fields. In addition, KSU’s science complex continues to expand, and a $30 million equestrian center situated on 230 acres is in the planning stages in conjunction with the university’s equestrian and large livestock program.
“We welcome any new business coming to Manhattan, and aside from working with KSU, we’re interested in any type of activity that will help diversify our economic base,” Pagen says. “A call center and two manufacturers in town have set goals that will create almost 1,300 jobs during the next 10 years, which is tremendous growth for a community our size.”
Pagen explains that Men’s Journal magazine listed Manhattan as one of the 50 nicest cities to live in a couple years ago, which is something the chamber of commerce still champions. In addition to almost every area of town experiencing residential growth, shopping centers are being revamped and industrial development is taking place on the west side of town. Thus, moving forward, Manhattan is poised to take advantage of the development trends across the area.
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