(Beaver Dam) The Beaver Dam Common Council this week approved the sale agreement of city-owned land that has been proposed for a housing project. The nine-acre lot, located behind Goodwill and north of Walmart, was sold to Premier Real Estate Management for $100.
The developer has approached the city about building an apartment complex on the site. Beaver Dam Economic Development Director Trent Campbell says the project itself would consist of 60 total apartment units.
“There would be five individual two-story buildings with 12 units in each of those buildings,” says Campbell. “The buildings would have fire-safety sprinkler systems…the building materials would consist of some form of cement board siding with masonry accents…an attractive landscape is desired and anticipated.”
If the project can move forward without the creation of a TID district or without city incentives, which is the plan, Campbell notes that the city could see a boost to its tax rolls.
“The estimated value of the project…very rough estimate based on their history and assessed value per-unit of these types of apartments…would be about a six-point-six-million-dollar taxable value creation that could go right to the roll,” says Campbell. “So, that’s very attractive to us.”
Campbell says the hope is to have a developer’s agreement in place in the next several months with construction getting underway later this year.
