The Lake County Housing and Redevelopment Authority met on December 10th for updates on housing projects that are currently underway. There are several projects in various stages of development that will address the need for critical housing in Two Harbors, Silver Bay, and in greater Lake County.
Jason Hale, representing the developers of the North Shore Flats project, was on hand to discuss current issues of financing the project and some of the design particulars of the proposed 75-unit building. Much of the funding for the $17 million project is coming from the developer, Vision Inc, and Iron Range Resources and Rehabilitation (IRRRB) has committed $850,000 in grant money to the project. There was a $75,000 gap, and Lake County HRA has talked about committed money to the project that will close that shortfall. The HRA is requesting that at least 5 of the units address the need for low-income housing. Hale stated that in their experience, Vision has found that 5 or more low-income units will work well with a housing complex the size of the Flats. The plan is that the balance of the units will be rented at market rate. According to Apartments.com, prospective renters can expect to pay about $1,134 a month for a studio apartment in the area, $1,330 for a one-bedroom apartment, and about $1,639 for a two-bedroom unit. Three-bedroom apartments are going at a rate of around $2,027 a month.
North Shore Flats will be a big step in the right direction for the affordable housing market in Two Harbors. Most businesses in town are looking to expand their workforce, including Lake Superior Schools and Aspirus Lakeview Hospital.
The plan for North Shore Flats is that the developer will begin site preparation this winter, with construction to begin in the spring. City officials have indicated that there are already people who are asking about getting on a list for rentals. The HRA Board voted to fill the funding gap with $75,000.
Lake View Apartment is currently at full occupancy. There is a parking pad there that will need to be replaced in the spring. Folks may have noticed that the Pilot House on 4th Avenue continues to be on the market. While there have been a number of parties interested in the project, the sale of the property has been turned over to Sue Bott of RE/ MAX Reality.
The Lake County Home Rehabilitation Program has helped to fund 9 projects around the county. The funding program can provide up to $10,000 to eligible homeowners to help fix health and safety issues in their owner-occupied, single-family residential home.
There is a proposal being considered for an LCHRA Demo and Rebuild program. With the number of dilapidated and abandoned houses in the area, the focus of this project would be to either rehabilitate the homes and get them ready for resale or demolish them and sell the land to One Roof or similar organizations so that the building of usable homes across the county can be expedited.
As of the December 10th meeting, the Lake County HRA had not received the legal land survey for Silverpointe II. Hopefully, that will be forthcoming. Stay tuned for more news on the work being done to address the need for housing in Lake County.
