MONROE - A condo project planned for downtown seems to be gaining ground, spurred by interest from potential buyers as well as a thumbs-up from the Plan Commission.
The Plan Commission decided earlier this month that Square North LLC's plan to build four condominiums on the city-owned parking lot along the 800 block of 16th Avenue are conducive to goals outlined in the recently adopted Monroe Comprehensive Plan.
Commission vice chairman Nate Klassy questioned whether four units to be sold to homeowners could fit the exact definitions outlined in the plan.
"I don't think I can call that high density," Klassy said.
However, the group agreed that during meetings discussing the plan, part of the housing plans were also to place living spaces close to the downtown Square. Aaron Holverson, one of Square North's three partners, said he and partners Kevin Visel and Craig Patchin had attended the meetings, and adapted the idea of the building to be more of a "stepping stone" to encourage other development in the area. He said they viewed the building project as the first phase of a larger project.
Mayor and commission chairman Louis Armstrong agreed the plans could be a catalyst for future growth.
"It's encouraging future use," Armstrong said. "(The plan) also talks about incentivizing multi-family use, which is possible through this project."
The commission voted 7-1 in favor of the plans following the comprehensive plan. Charles Koch voted against.
The four-unit building will have separate, two-level condominiums to be sold for $149,000 to $199,000 per unit. A stipulation of the plans is that the developers must sell the units before building begins and construction must begin within a year or the city would pursue other options.
Patchin said the group is positive about the future of their project. Buyers are interested and the combined team of supplier, building designer and real estate agent have confidence in their abilities.
"We know that it's the first of its type, but we've been patient as the city considers it," Patchin said. "There hasn't been a lot built like this."
He added that the proximity to the Square is "attractive to people" and that his group intends to remain flexible in providing what buyers want to see.
If an older couple is interested, he said, developers can install an elevator to improve accessibility. They also included garages in the plans as a possibility.
In May, the city's Finance and Taxation Committee deliberated the city's role in the project. Patchin told the committee city funding is imperative to make the project financially feasible. Square North LLC asked the city to approve a loan between $70,000 and $95,000 to provide temporary operating capital for the project. The loan would have an annual interest rate of 3.5 percent and be scheduled to be repaid within three years following the funding date. They also requested grants totaling between $112,000 to $150,000.
Plans call for the project to begin between now and May of 2017, although Patchin said his more realistic hope is to see all work in conjunction with the city done by the end of July.
The idea to begin the project came from Holverson, Patchin and Visel after they attended planning meetings for the recently adopted Monroe Comprehensive Plan. Patchin said the group works together on the Main Street Monroe Economic Restructuring Committee as well and agreed there was a need for such housing.
"Studies have shown that in order for the downtown to be vibrant, there has to be that accessibility," Patchin said. "You need a steady stream of people living close by. We wanted to make sure there was action. It's kind of a project of love."
The Plan Commission decided earlier this month that Square North LLC's plan to build four condominiums on the city-owned parking lot along the 800 block of 16th Avenue are conducive to goals outlined in the recently adopted Monroe Comprehensive Plan.
Commission vice chairman Nate Klassy questioned whether four units to be sold to homeowners could fit the exact definitions outlined in the plan.
"I don't think I can call that high density," Klassy said.
However, the group agreed that during meetings discussing the plan, part of the housing plans were also to place living spaces close to the downtown Square. Aaron Holverson, one of Square North's three partners, said he and partners Kevin Visel and Craig Patchin had attended the meetings, and adapted the idea of the building to be more of a "stepping stone" to encourage other development in the area. He said they viewed the building project as the first phase of a larger project.
Mayor and commission chairman Louis Armstrong agreed the plans could be a catalyst for future growth.
"It's encouraging future use," Armstrong said. "(The plan) also talks about incentivizing multi-family use, which is possible through this project."
The commission voted 7-1 in favor of the plans following the comprehensive plan. Charles Koch voted against.
The four-unit building will have separate, two-level condominiums to be sold for $149,000 to $199,000 per unit. A stipulation of the plans is that the developers must sell the units before building begins and construction must begin within a year or the city would pursue other options.
Patchin said the group is positive about the future of their project. Buyers are interested and the combined team of supplier, building designer and real estate agent have confidence in their abilities.
"We know that it's the first of its type, but we've been patient as the city considers it," Patchin said. "There hasn't been a lot built like this."
He added that the proximity to the Square is "attractive to people" and that his group intends to remain flexible in providing what buyers want to see.
If an older couple is interested, he said, developers can install an elevator to improve accessibility. They also included garages in the plans as a possibility.
In May, the city's Finance and Taxation Committee deliberated the city's role in the project. Patchin told the committee city funding is imperative to make the project financially feasible. Square North LLC asked the city to approve a loan between $70,000 and $95,000 to provide temporary operating capital for the project. The loan would have an annual interest rate of 3.5 percent and be scheduled to be repaid within three years following the funding date. They also requested grants totaling between $112,000 to $150,000.
Plans call for the project to begin between now and May of 2017, although Patchin said his more realistic hope is to see all work in conjunction with the city done by the end of July.
The idea to begin the project came from Holverson, Patchin and Visel after they attended planning meetings for the recently adopted Monroe Comprehensive Plan. Patchin said the group works together on the Main Street Monroe Economic Restructuring Committee as well and agreed there was a need for such housing.
"Studies have shown that in order for the downtown to be vibrant, there has to be that accessibility," Patchin said. "You need a steady stream of people living close by. We wanted to make sure there was action. It's kind of a project of love."