NeighborWorks Pocatello to break ground on apartment complex for low-income senior citizens
POCATELLO, Idaho (KIFI) – NeighborWorks Pocatello will hold a groundbreaking ceremony on Monday, Oct. 25 at 5:15 p.m. for a new 49-unit apartment complex for low-income senior citizens.
The development is located at the 2200 Block of South 5th Avenue in Pocatello just immediately north of Prime-Time Auctions between South 4th & South 5th Avenues.
The project will be known as Park Meadows Senior Apartments and was made possible after the organization was awarded Low Income Housing Tax Credits (LIHTC) from the Idaho Housing and Finance Association.
“It is a well-known fact that rent prices and the cost of housing have skyrocketed recently,” said Mark Dahlquist, Executive Director for NeighborWorks Pocatello. “We are really excited about this project. Although it will not solve all of the areas housing problems, it will certainly be an important piece of the puzzle in regard to affordable housing development.”
NeighborWorks Pocatello applied for the LIHTC funding twice previously before being awarded the funding. LIHTC funding establishes a private-public partnership between non-profit housing organizations such as NeighborWorks Pocatello along with investors willing to accept tax credits in exchange for financial commitments to build new housing or renovated housing developments.
A Limited Liability Limited Partnership has been formed which involves NeighborWorks Pocatello, Salt Lake City based Desert Ridge Investments, Inc. and others, including Glacier Bank.
Construction is slated to get underway within the next week with the complex opening prior to the end of 2023.
NeighborWorks Pocatello owns about 2.8 acres of land on the 200 block of South 5th Avenue. Park Meadows will be built on about 2 acres of that land and the other 0.8 acres will be developed at a later time. The Park Meadows development will include a community room, exercise room, game room and other amenities to add to the quality of life an positive experience for the tenants.
The organization is equally excited about the revitalization of that block.
“That area of town will benefit from greatly from some new development and fill in a large lot that has been vacant for several decades,” Dahlquist said.
Park Meadows will be completed around the same time as the Bonneville Commons project, an endeavor that involves replacing the former Bonneville Elementary School on North 8th avenue with 18 new structures – 12 single family homes, four twin-homes and two triplexes.
The groundbreaking event is an opportunity for the public to view the plans for Bonneville Commons. The Chamber Chiefs will be on hand and refreshments will be provided.
