New Senior Housing Coming to Monticello
On Monday, Jan. 9 Mayor Hilgart and city staff joined Headwaters Development and CHC (Community Housing Corporation) for the groundbreaking of their new project in Monticello: 60 rental townhomes for seniors 55+ located on 7th Street West!
The project was initiated by Headwaters Development, and in November 2022 the company asked the Monticello Economic Development Authority (EDA) to approve CHC as a full partner-owner in the development. The development site is located on the easterly portion of a land parcel formerly known as Outlot A, Country Club Manor, at the corner of Golf Course Road and 7th Street West. The EDA has owned this 16.71-acre property for many years.
The EDA also approved a newly established affordable housing Tax Increment Financing (TIF) district (No. 1-43). As a requirement, the developer has committed to creating and maintaining 40 percent of the units (24 units) as affordable throughout the life of the TIF District. The total cost of the project is estimated at approximately $20.5 million or $341,667 per unit.
The developer is using a modular style construction method. All building components are measured, fabricated, and assembled in the climate-controlled AVA (Advanced Volumetric Alliance) facility in Albertville, MN. The full building component units will be delivered to the site starting late March 2023 to be placed on the concrete pads. The developer plans to substantially complete construction of the twin home development by December 31, 2023.
The developer of this project also intends to move forward with a 102-unit multi-family housing building exclusively for seniors on the northerly portion of the lot later in 2023.
We're excited to welcome another housing option for our senior community!