By: Jennifer DeWitt
CLINTON, Iowa – A St. Paul, Minn., developer will discuss plans Thursday for a $7.7 million senior housing cooperative planned for Clinton.
The project would be the fourth cooperative in Iowa for Real Estate Equities Development LLC.
The developer plans a 44-unit complex to be known as The Village Cooperative of Clinton. The cooperative homes, which would be in a single, three-story building, will be for residents age 55 and older. It is an independent living facility.
The developer will host workshops at 10:30 a.m. and 2 p.m. Thursday at the Wild Rose Casino & Resort to provide information on the senior cooperative housing concept as well as the proposed project. Shane Wright, the company’s project manager, will be the speaker.
In the cooperative structure, the residents – or members – control every aspect of ownership with the cooperative taking care of all maintenance issues in the facility. The cooperative will employ an on-site resident services coordinator and offer a variety of courtesy services.
“Our company started developing cooperative communities in 2003 because we saw the desire for this type of dynamic lifestyle,” said Keith Jans, the president of Real Estate Equities. “These communities give adults 55 and over around the Midwest the option of a hassle-free lifestyle in their home with the amenities they desire.”
John Travalent, Real Estate Equities marketing associate, said the senior housing cooperative “is a fairly new concept to Iowa.” But Minnesota has more than 85 cooperative projects, he said.
The company has developed similar projects in Marshalltown, Mason City and Asbury, Iowa. Another project in Cedar Falls is at the same stage as the Clinton project, he said.
Travalent said the company has selected a site in Clinton, but declined to identify the location. He said it would be announced at the meetings Thursday.
Real Estate Equities hopes to break ground next fall, but that is dependent on pre-reservations by members, he said. The project will take 10-12 months to build. The company has set up a sales office at 415 S. 2nd St., Clinton.
He said home prices vary, based on the size of the home, its location in the building and the amenities. But each home includes its own laundry room, storage area and private balcony or patio. Members own the unit they live in, but not the appliances, which are provided.
Shared features include multiple community party rooms, fitness rooms, guest suite, elevator, woodworking shop, landscaped garden, free wireless Internet, secure entrances with security camera and an underground heated parking garage with car wash.
Travalent said some members have already signed on.
“We do target the smaller communities because they seem to take better to this as opposed to big cities that have other options,” he said, adding that Real Estate Equities develops only one project per city. “I think Clinton was looking for something like this.”
The company traces its roots back to 1972 when it began developing apartments and townhomes. Today, it has more than 9,000 units it has built in Minnesota, Wisconsin, and Iowa.
He said the company is recruiting a local general contractor and will hire local sub-contractors for the project.
To attend the informational meetings, call (563) 242-9000 to RSVP.
For more information, visit www.villagecooperative.com and www.reedevelopment.com .