RSS Feeds
 |
|
|||||||||||||
Business » Local
Article rated a 0
by 0
users |
In a second-floor window view, Dave Weekly of E and F Cement in Cedar Rapids works on concrete between the two roes of the first section of Shadow Creek Crossing.
RICK CHASE / Courier Staff Photographer
RICK CHASE / Courier Staff Photographer
~ADVERTISING~
New Waterloo housing project 'overshadows' others in size
By PAT KINNEY, Courier Business Editor
WATERLOO ---- It is the biggest new housing project going in Waterloo right now.
Shadow Creek Crossing, a proposed 152-unit, $20 million multi-phase townhouse complex adjacent to GMAC Mortgage, will be off Schukei Road near Olive Garden, adjacent to the businesses along San Marnan Drive on the north edge of the Crossroads Center commercial area.
Construction has begun on the project's first phase. Developers and real estate agents believe the units, ranging from about $109,000 to $129,000, fill an unmet housing need in the Cedar Valley --- affordable new housing for individuals who don't want a lot of yard maintenance worries.
"The big advantage that these have over any of the other condos and townhomes in Waterloo-Cedar Falls is price, and they have a full basement and an attached garage," said real estate agent Elaine Johnson.
The homes are being built by Cedar Rapids builder Joe Robson of Robson Homes, Inc. He is building similar projects throughout eastern Iowa, the Cedar Rapids-Iowa City corridor and Davenport. High Development Corp. of Cedar Rapids is the developer.
"I thought there was a need for that price range of home up there," Robson said. "They're real popular, a lot of home for the money. Young people can get a nice home for the money, and it'll cost not too much more than it does to rent an apartment. It's a good way for younger people and older people to build equity."
Sixteen units are under construction in the first phase; five already are sold.
"It says that there's a high demand for this," said real estate agent Pat Frost. "It's in that price range we need to fill. A lot of people don't need that large space in that upper price range. They want a smaller space, and they want to be able to get that without buying an older home. They want a new home."
New construction in a moderate price range is hard to come by. "These hit that market," she said. "This is a desirable, area, convenient location."
"The price range is good," said Bob Reisinger, executive vice president of the Waterloo-Cedar Falls Board of Realtors. "We've had some of that (construction), but it's not as big an area is this one is going to be."
The Waterloo city building inspection office confirmed it is the largest housing project in the city. Robson envisions the project may be full developed over a couple of years, depending on the market
"We're thinking probably mostly younger people are going to be moving out here," Johnson said. "But we've had some retired people inquire."
"Joe is constantly looking for land and opportunity to build, and this was just a perfect piece of ground for him to get a start here in Waterloo," Johnson said. He's using as many local subcontractors as possible.
Robson said he'd been looking for building site in town for 2 1/2 years. "This looks like a pretty good area," he said. "They had five sold before they got the street in, so it looks to me like the market's up."
GMAC Mortgage is taking a role as preferred lender in the project based on the quality of Robson's work and developments, said Kyle Langenberg of GMAC Mortgage, which is originating loans for buyers of Robson's products throughout eastern Iowa.
"GMAC has these projects nationally they look at. The fact they're stepping up and willing to stand behind this developer on this project tells me there's no question this is going to be a success," Langenberg said. "It's going to be up to the customer to determine what terms they qualify for, but the fact that this is a condo isn't going to negatively affect my ability to get financing for them."
More information on Shadow Creek Crossing may be obtained by contacting Johnson at (319) 230-8867 or Frost at (319) 239-4770.
Contact Pat Kinney at (319) 291-1484 or Pat.Kinney@wcfcourier.com.
Shadow Creek Crossing, a proposed 152-unit, $20 million multi-phase townhouse complex adjacent to GMAC Mortgage, will be off Schukei Road near Olive Garden, adjacent to the businesses along San Marnan Drive on the north edge of the Crossroads Center commercial area.
Construction has begun on the project's first phase. Developers and real estate agents believe the units, ranging from about $109,000 to $129,000, fill an unmet housing need in the Cedar Valley --- affordable new housing for individuals who don't want a lot of yard maintenance worries.
"The big advantage that these have over any of the other condos and townhomes in Waterloo-Cedar Falls is price, and they have a full basement and an attached garage," said real estate agent Elaine Johnson.
The homes are being built by Cedar Rapids builder Joe Robson of Robson Homes, Inc. He is building similar projects throughout eastern Iowa, the Cedar Rapids-Iowa City corridor and Davenport. High Development Corp. of Cedar Rapids is the developer.
"I thought there was a need for that price range of home up there," Robson said. "They're real popular, a lot of home for the money. Young people can get a nice home for the money, and it'll cost not too much more than it does to rent an apartment. It's a good way for younger people and older people to build equity."
Sixteen units are under construction in the first phase; five already are sold.
"It says that there's a high demand for this," said real estate agent Pat Frost. "It's in that price range we need to fill. A lot of people don't need that large space in that upper price range. They want a smaller space, and they want to be able to get that without buying an older home. They want a new home."
New construction in a moderate price range is hard to come by. "These hit that market," she said. "This is a desirable, area, convenient location."
"The price range is good," said Bob Reisinger, executive vice president of the Waterloo-Cedar Falls Board of Realtors. "We've had some of that (construction), but it's not as big an area is this one is going to be."
The Waterloo city building inspection office confirmed it is the largest housing project in the city. Robson envisions the project may be full developed over a couple of years, depending on the market
"We're thinking probably mostly younger people are going to be moving out here," Johnson said. "But we've had some retired people inquire."
"Joe is constantly looking for land and opportunity to build, and this was just a perfect piece of ground for him to get a start here in Waterloo," Johnson said. He's using as many local subcontractors as possible.
Robson said he'd been looking for building site in town for 2 1/2 years. "This looks like a pretty good area," he said. "They had five sold before they got the street in, so it looks to me like the market's up."
GMAC Mortgage is taking a role as preferred lender in the project based on the quality of Robson's work and developments, said Kyle Langenberg of GMAC Mortgage, which is originating loans for buyers of Robson's products throughout eastern Iowa.
"GMAC has these projects nationally they look at. The fact they're stepping up and willing to stand behind this developer on this project tells me there's no question this is going to be a success," Langenberg said. "It's going to be up to the customer to determine what terms they qualify for, but the fact that this is a condo isn't going to negatively affect my ability to get financing for them."
More information on Shadow Creek Crossing may be obtained by contacting Johnson at (319) 230-8867 or Frost at (319) 239-4770.
Contact Pat Kinney at (319) 291-1484 or Pat.Kinney@wcfcourier.com.
 |
More Stories from Business » Local
UNI opens new business incubator to fill gapNew Waterloo housing project 'overshadows' others in size
Due to the amount of spam and negative comments received, the Courier implement a registered-user system for participation in the comment portion of our site. In doing so, the Courier reserves the right to ban any user(s) at any time without notice if we feel they are not following the terms of agreement.
DISCLAIMER: The Courier provides our story commenting feature in order to solicit feedback, debate and discussion on topics of local interest. Please keep in mind that civility is a necessary component of productive conversation. All blatantly inflammatory or otherwise inappropriate comments (i.e. vulgarity, marketing, etc.) are subject to rejection and/or removal. Comments will appear if and when they are approved. For a more in-depth explanation of our policy, please see our Rules of the Road. Thanks for reading, and thanks for participating.
~ADVERTISEMENT~
NEWS |
SPORTS |
COMMUNITY |
BUSINESS |
ENTERTAINMENT |
FEATURES |
OPINIONS |
OBITUARIES |
CLASSIFIEDS |
PRIVACY POLICY |
CONTACT US |
CARRIER PAGES
|
shabbytrick wrote on Feb 5, 2009 9:25 AM: