The Clinton Herald, Clinton, Iowa

Business

May 13, 2011

Village Cooperative plans fall construction

CLINTON — The expanding northwest part of Clinton will soon receive another development.

A St. Paul, Minn., developer confirmed this week that the Village Cooperative of Clinton will be housed north of a planned extension of 14th Avenue Northwest, just north of Fareway. Construction of the estimated $7 to $8 million facility is slated to begin in fall, based on the amount of pre-sold rooms.

Shane Wright, project manager of Real Estate Equities Development, said Wednesday the company usually begins construction when 60 percent of the units are sold. Currently, 20 of the 44 homes in the Village Cooperative of Clinton have been sold.

“To be at about 50 percent is a good thing at this point in the proces,” Wright said.

Construction is scheduled to last about 11 months, and the company is currently going through the approval process through the city of Clinton.

“We looked all over,” Wright said. “You’d be hard pressed to find open land that we didn’t comb through in town. This is a big investment; not just for us but for our buyers.”

About 120 potential buyers attended informational workshops in February, regarding the cooperatives, which are designed for people 55 and older. Iowa has three running cooperatives, with two still to be built in Iowa, including Cedar Falls and Clinton. The other locations in Iowa include Asbury, Mason City and Marshalltown.

The Clinton facility will house one, two and two-plus bedroom, single-level homes that range from 879 to 1,475 square feet. Each home is maintenance free and includes a laundry room, storage area and a private balcony or patio.

“We are thrilled to have a location close to so many amenities, health services, and what we believe is the future growth direction of the city,” Wright said.

The cooperative will employ a residential service coordinator, maintenance technician and a housekeeper. Tracey Minnick is currently the sales coordinator for Village Cooperative of Clinton, located at 415 S. Second St.

The proposed community includes multiple party rooms, fitness room, guest suite, elevator, woodworking shop, landscaped gardens, free wireless Internet, security cameras, heated parking garage and car wash. Members control every aspect of ownership.

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