Article by: Heather Holmes
The City of Stewartville, MN and developer PGGM1, LLC officially kicked off the construction of a new apartment complex, Flats 55, across from Bear Cave Intermediate School in April.
CEDA team member Heather Holmes, who serves the City of Stewartville as Housing and Recreation Director, worked with the City, the developer and consultant Mike Bubany of David Drown Associates, Inc. to craft an agreement that provided up front funding to ensure the project could occur.
“It’s no secret there is a housing shortage,” says Bill Schimmel Jr., Stewartville City Administrator. “Flats 55 will provide much needed housing for new families and ultimately result in additional local economic activity that will benefit our community.”
The 73,000 sq. ft., 4-story building will sit on a parcel located on 17.5 acres of land purchased for the development of housing in Stewartville. Flats 55 will include 55 market rate one and two bedroom units and include both underground and surface lot parking. The developer hopes to complete construction by spring of 2021.