UNION GROVE — Waterford Village President Don Houston is hoping to build two 10-unit market-rate apartment buildings on land that as of now is 17,000 square feet of village-owned land in Indian Trail Park.
The site, making up about half of the park located on New Street between 17th and 18th avenues, is directly north of two 16-unit apartment buildings — 1760 and 1780 New Street — that Houston already owns and manages with his wife. Houston’s proposal joins the growing list of housing projects in the village, but his is the only one that is not billed as a luxury development.
Construction costs would be $1.5 million to $2 million, Houston said, and rents would be targeted at $850 to $900 per month for a one-bedroom apartment, undercutting estimated $1,100-plus rents at the amenity-filled Granary Townhomes currently being constructed or the proposed Canopy Hills project.
“I want to build some nice places, but make it reasonable,” Houston said, but added that his target rent could change if the project moves further along and construction costs exceed expectations.
The units would all be one-bedroom apartments with and patio or porch. Every two units would share a door. Houston’s existing buildings have exclusively one-bedroom units.
“They’re quite popular because they’re affordable,” he said.
The village is now waiting on a formal proposal or offer on the park land after Houston gave a “pretty casual” presentation to the Plan Commission during its March 4 meeting, said Village Administrator Michael Hawes.
The land Houston wants is not currently used for the park and is lightly wooded and not maintained. Fair market value for the area is $25,000, but he asked for the land as a developer’s incentive in a memo to the village sent in December.
While the Plan Commission did not reject the project, it did not grant the land for free.
“They didn’t say no, but the village does want to get something out of it,” Hawes said.
The proposed Canopy Hills development, which includes 240 market-rate luxury apartments, 203 single-family lots and 80 units of senior independent and assisted living units, is coming back around to the village with a revised presentation on April 22. It last presented plans at a joint Village Board, Plan Commission and Community Development Authority meeting on Feb. 25.
The Canopy Hills site sits on 160 acres stretching from the southwest corner of the intersection of Highway 45 (South Colony Avenue) and 58th Road to the intersection of Main Street (Highway 45) and Seventh Avenue and half a mile west. The one- to three-bedroom apartments would command a rent of $950 to $1,750 per month.
Brookfield-based PRE/3 Real Estate is also moving forward with its planned development of 24 single-family lots and 120 apartments at the “Fonk Property” on 69th Drive south of Highway 11. The project, named The Residences at Dunham Grove, is scheduled to bring a preliminary plat application before the Plan Commission on May 6.
Then, public hearings for the project’s rezoning applications, comprehensive plan amendment and planned use development zoning could take plan at the June 3 Plan Commission meeting.