City Council Hears Pitch for Proposed Senior Development - The Missourian: Washington

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City Council Hears Pitch for Proposed Senior Development

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Posted: Thursday, August 28, 2014 6:32 am

Representatives of a proposed senior community development sought city council support Monday night at the Washington administration/operations meeting.

Affordable Equity Partners, Inc. presented plans to build 48 senior housing units on 8.6 acres just south of the city. The development would be located on the Jasper property off High Street almost directly behind Modern Auto.

AEP said the project was still in its early stages and asked the council Monday night only for support.

Sean Garrison and Ellen Vossbrink, representing AEP, said the company was submitting an application for Missouri Housing Development Commission tax credits in early September and wanted a formal acknowledgment from the city backing the development.

The council agreed to support the plan and will vote on a resolution of support at the Sept. 2 meeting.

“I think it’s really going to enhance our town,” Councilman Steve Sullentrup said.

The proposed development, named Riverbend Estates, would provide 48 one- and two-bedroom units in 10 single-story buildings. All tenants would be required to be at least 62 years old to live in the development.

The units would be restricted to residents with incomes at or below 60 percent of the area median income.

Vossbrink said there would be 12 725-square-foot one-bedroom units that would rent for $515 a month.

There would be 36 922-square-foot two-bedroom units that would rent for $585.

The development would be similar to a property in O’Fallon, AEP said.

The property also would have a 2,500-square-foot community center with a fitness center, office center and property manager’s office.

The units would not be furnished, but they would have appliances including a washer and dryer.

Garrison said construction would cost an estimated $6.275 million and the total development would cost more than $9 million.

Garrison said the development would be owned by Riverbend Estates. He said it would be required to own the property for 20 years.

“We have a very large incentive to develop the nicest product we can and maintain our product,” he said.

Garrison said the location for the development was chosen for its convenience to several amenities. He said the property is just off Highway 100 and close to restaurants, shopping, grocery stores and pharmacies.

The property isn’t inside the city limits yet, but the developers said that would be preferred.

To do that, Garrison said the current property owner would apply for voluntary annexation. Economic Development Director Darren Lamb said it could be possible to start the annexation process as early as the September planning and zoning commission meeting.

Once the annexation is complete, AEP would then begin the process of finalizing and submitting plans to the city to get the development approved.

Garrison said if everything goes well, construction could start in spring 2015.

The only question about the development was raised by Councilman Jeff Patke. He asked if AEP had done any studies to find out if this was needed in the area.

Garrison said a study is underway and so far the findings are very favorable. He said he would try to get the full study, or at least a partial analysis, to the city before the vote on the resolution takes place.

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