By SALINA POST
Two local community banks, Bennington State Bank and First Bank Kansas came together to finance the first phase of Salina Destination, a new multi-family housing development in Salina, Kansas.
This collaborative effort is being led by Bennington State Bank as the lead financer, with First Bank Kansas as a participating financial supporter of the project.
According to the leadership of both financial institutions, the involvement of these two community banks underscores their shared commitment to foster community growth by providing much-needed housing options for residents.
READ MORE: Ribbon cutting for Salina Destination Development multi-family housing project
The new housing project, named Magnolia Village, will be located near the intersection of Magnolia Road and Interstate 135.
The City of Salina was awarded $25,000,000 through Kansas HB 2510 & Kansas SB 267 by the Department of Commerce to help accommodate housing expansion. The Magnolia Village project will receive a portion of these funds.
The first phase of the development includes 254 apartments featuring spacious floor plans, in-house laundry and various outdoor amenities. The project responds to the projected influx of new employees in Salina, driven by the community’s robust economic development.
“This is the culmination of a lot of work by a lot of people over a lot of years," said Salina City Manager Mike Schrage.
Schrage emphasized that many background economic successes, months of preparation, and multiple instrumental people have contributed to this point of the project.
Salina Destination Development, the organization behind Magnolia Village, aims to create a residential complex that not only meets the community's immediate needs but also enhances the overall quality of life for its residents.
“Working with Bennington State Bank and First Bank Kansas has been seamless. Their knowledge of the process and ability to get things done efficiently has been invaluable,” said Jeremy Hurt, lead contact for Salina Destination Development.
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Darren Gragg, President and CEO of Bennington State Bank, said the bank is dedicated to supporting community initiatives.
“We are excited to partner with Salina Destination Development and the City of Salina on this transformative project. This partnership underscores our commitment to the communities we serve, supporting growth and making a meaningful impact through strategic investments. We exist to serve our communities and are committed to providing the capital necessary to grow these communities,” Gragg said.
Brian Schwarz, Senior Vice President and Loan Officer at First Bank Kansas shared similar remarks about the partnership.
“We are thrilled to partner with Magnolia Village and all the community collaborators who have contributed to the realization of this project. Their valuable insights are what make Salina great, showing how we come together as a community to address important needs," Schwarz said.
Phase 1 construction is expected to be completed in early 2026.