Thursday night at the Holiday Inn Express and Suites, Mike Works and Makinsey Manning with REV Development, the company that built the hotel, received generally positive feedback in regard to a new venture.
The proposed development is a kick start to the Chatran Estates residential area development, Works said, explaining that this would be a four-story 78-unit complex located on 10th Street south of Wilson Park and west of Chadron State College.
Works noted that when the two first came to Chadron with the idea of building the hotel, what they heard was there is a definite need for housing. After speaking to and hearing support from various businesses on the project, Works said it was now time to present the project to the public and get some feedback.
Though REV is looking to purchase only a small portion of Chartran Estates, Works noted part of the company’s commitment is to help pay for a road that will go into the estates, toward the south, in order to open up some other development areas.
As of the proposed 78-unit complex, layouts include one- and two-bedroom units, as well as studio apartments. The majority would be one-bedroom, Manning noted, with only three studio apartments planned.
Works pointed out the apartments planned would be of a different type than what is currently available. Among the highlights, he said, are quartz countertops, kitchen islands, luxury vinyl tile flooring, stainless steel appliances, and slow close cabinet doors and drawers.
The building itself would be L-shaped and located on the south end of the lot, according to the site plan, the north side would largely be used for parking, though there would be green around the lot. The plan also calls for the development of the new street, dubbed Park Street, as well as sidewalks north of 10th Street.
Space around the building, Works noted, could be used for sitting areas and a dog run, and there is a proposed patio off the back of the building for barbecues.
As for why the area was selected, Works said, “We actually think it’s a great location. It’s within city limits. There’s already residential in the area. It was clearly intended to be residential a long time ago when it was first laid out.
Works also pointed out the City for Chadron targeted a necessary 188 additional housing units by 2022, which has not been fulfilled. A housing study from 2020 showed only five houses built within the city limits in the last five years, and seven have been built outside the city limits.
As for the proximity to the college students, Works said they’re not necessarily catering to students but the apartments are close enough that students who rent them could easily walk to class. Works further pointed out the building is close to amenities such as the park and aquatic center.
As for funding, Works said it would be in part by REV, in part by the bank and the company will approach the City about getting Tax Increment Financing (TIF). “To be honest, we wouldn’t do it without Tax Increment Financing, so that will be a piece of it.” About 12-14% of the cost is what’s generally seen coming from TIF, Works added, and that bridges the gap to make the project feasible. The payback on the TIF would be 15 years.
Other considerations being taken into account for the apartments, Works said, include ensuring handicap accessibility, allowing for pets, and having an on-site manger and maintenance person. Among the potential concerns is increased traffic on 10th Street, and at the intersection of 10th and Main, and Works indicated he would be willing to do a traffic study as part of the planning process.
Planned leases would be 12-months, with a proposed cost of $700-1,200 depending on the size of the unit. Works would like to close on the land this fall and start groundwork on the building in the spring, and he plans to appear before the Chadron Planning Commission Sept. 15 for a zoning change hearing. He plans to use as many local sub-contractors as possible on the project, and have them open for rental in summer of 2023.