The construction of a new senior housing complex in downtown Keokuk is expected to get underway in less than a year.
That's is possible because of the Iowa Finance Authority announcement Wednesday that it would provide more than $2-million in tax credits and loans for "Keokuk Senior Lofts."
Pete Schwiegeraht is Senior Land Developer for Miller-Valentine Group, a development firm out of Cincinnati, Ohio. He said the IFA funding is critical to his company moving forward with the roughly $9-million project.
"It is our primary funding source," said Schwiegeraht. "There is still a lot of work to do. From here, we will start a secondary layer of due diligence, engineering, design, all of which will allow us to bring the project out to construction and get it built."
The 40+ unit complex will be built on a vacant lot along Main Street, between 9th and 10th streets.
Schwiegeraht said the entire property is being designed to make it possible for senior residents to continue living independently.
"We are going to have curb-to-curb senior transportation, in-house meals and housekeeping," said Schwiegeraht. "We feel these units are going to give seniors who live in Keokuk an opportunity to find a nice, high quality housing unit in their home market."
Schwiegeraht said the goal is for construction to begin in late 2015 or early 2016 and be completed one year later. He said the potential impact on the downtown district could be huge.
"We are talking about 100's of temporary construction jobs during the construction period," said Schwiegeraht. "This development will be bid locally so we will be inviting all of the local subcontractors to bid the work. In addition to that... bringing in in-fill revitalization/development is going to help bring people back downtown and putting people back on the streets to patronize local businesses."
Schwiegeraht said it could also attract additional development in some other empty downtown lots.
The city agreed to waive the property taxes on the project for the next 12 years to help secure the state funding. Schweigeraht said it was that support and the backing of Lee County and the Keokuk School District that led to the IFA announcement.
Overall, 13 housing projects in 10 cities will share more than $80-million in tax credits and loans.
