Sheldon, Iowa — Construction has begun in eastern Sheldon on the construction of affordable multi-family housing units.
The Sheldon City Council approved a development agreement in early August with Eagle Construction of Sioux Falls, for the units in the Sheldon Crossing Addition.
The development agreement calls for the construction of a 30-unit apartment and townhome complex that would be Phase I of a project that calls for the ultimate construction of a total of 77-units in that area.
Steve Boote of Eagle Construction says that his company already has similar developments in Aberdeen, Yankton and Mitchell in South Dakota, as well as a development in Spirit Lake that opened earlier this year, and already enjoys 68-percent occupancy of its 71 apartments and 10 townhome units.
Boote says that the developments Eagle Construction builds aren’t subsidized housing units, but are affordable housing with upgraded quality throughout. And he told the council that his company goes, “out of our way” to buy materials and supplies locally. He says the buildings in Sheldon will be 3-story, 30-unit buildings, set in a village concept. He said that, with the amenities provided tenants, the developments become their own little community.
The development agreement calls for the city to provide a 10-year, 100-percent tax rebate on the property, with some provisions. Boote called the tax abatements vital to helping to keep the final rental cost affordable for the development’s tenants.
