204 SW 5th Street presents a rare downtown Topeka redevelopment opportunity located near the Kansas State Capitol and just a couple blocks from the downtown retail district. The approximately 30,000 SF site is currently improved as a paved surface parking lot and is zoned D1 Planned Development, allowing flexibility for mixed-use, residential, office, or commercial redevelopment.
The property is currently operated as city-owned leased parking, providing optional interim income while redevelopment planning or development design is completed. The site’s downtown location supports multiple development strategies, particularly projects targeting state-affiliated users, association offices, legislative consulting groups, or mixed-use residential concepts serving the Capitol workforce and downtown retail corridor.
Downtown Topeka continues to experience reinvestment and residential growth. The Topeka City Council recently approved The Hutch, a $50 million luxury residential development planned just a few blocks south of the site near 6th and Van Buren. The project is expected to include approximately 192 residential units, ground-floor boutique retail space, and resident amenity areas, with construction projected to begin in the third quarter of 2026. This project is expected to further strengthen residential density, pedestrian activity, and retail demand within the downtown core.
Potential development incentives may include:
• Neighborhood Revitalization Program (NRP) property tax rebate structures
• Downtown Tax Increment Financing participation
• Industrial Revenue Bond financing opportunities, including potential sales tax exemption on construction materials and possible property tax abatement depending on project structure
• Federally designated Opportunity Zone location, providing potential federal tax advantages for investors deploying capital through Qualified Opportunity Funds
Incentive applicability is evaluated on a project-by-project basis in coordination with City staff, incentive consultants, and investor tax advisors.
The property’s existing parking use provides optional interim revenue while buyers pursue entitlement, design, or phased development planning strategies.
Property offered as-is, where-is and subject to seller approval. Phase I and Phase II Environmental Site Assessment reports have been completed and are available to all interested parties upon request. Additional property and development information available through listing broker.
Scott D. Boling
Coldwell Banker Commercial Griffith & Blair
