Investment group will build 18 townhome-style apartments on former school property
The Phelps County Development Corporation, who purchased the property from the City of Holdrege in February, has reached an agreement with Flat River Enterprises, who is planning a $2.25 million residential development as the first step of a three-phase project on the property.
Flat River Enterprises includes members of an investment group that also owns the Holdrege VA Clinic and has invested in office buildings, residential units and other projects in south-central Nebraska.
PCDC is providing assistance to the project through LB840 sales-tax funds as it meets the objective of creating workforce housing to help area employers find and retain employees.
PCDC Executive Director Ron Tillery said he anticipates opportunities for local banks to finance the project as well as for local contractors and suppliers to work on the project.
Construction could begin as early as June on the new townhomes, which will be called Washington Square Apartments. The project will occupy one-third of the Washington school property leaving the other two-thirds for future business developments.
“We have plans for all three parcels, but the first one we are announcing is the 18-unit townhome style apartments,” PCDC Executive Director Ron Tillery said.
The units will be built as single-story six-plexes. Each single-story unit will be approximately 1,100 square feet with two bedrooms, two bathrooms.
The townhomes are expected to fill a need for housing for professionals, such as teachers, nurses or hospital professionals.
“We think this will be attractive to commuters as well as new residents,” Tillery said.
A study conducted last year for PCDC indicated that of the 4,590 jobs in Phelps County, nearly half (or 2,177 jobs) are filled by workers who live outside of the county.