Uptown Living of Urbana Cooperative on Hold

Active Sales to Continue in Marion

 

URBANA, MARCH 5, 2019 — In Mid-November, the developers of Uptown Living began pre-sales of a 31-unit senior cooperative housing proposed for location in Urbana on Capitol Avenue in Urbana. The proposed 213 HUD backed project requires an interest level that needs to pre-sell 18 units prior to breaking ground.

 

The demographic market study for the area states that 60% of the demand for this senior housing will come from a defined primary market area (PMA) that stretches from Urbana, to Brandon, Rowley, south to Walker & Center Point and back to Urbana. Initial marketing results are pointing to a need to pull more project interest from outside the defined PMA to create substantial momentum on the project.

 

Uptown Living is planned as a Luxury Living development with amenities. The affordable buy in price is paired with a monthly cost that includes the residents share of the mortgage, taxes, grounds and building maintenance, and almost all utilities. Feedback showed that prospects were satisfied with the buy-in cost but were looking for lower monthly costs. Feedback on amenities pointed to creating large outdoor spaces on the property as some prospects are attempting to downsize from large acreages.

 

With these initial market findings, the development team needs time to re-access the needs of the community and potential reach of the project. During the re-assessment we will be continuing pre-sales events in Marion as Uptown Living of Marion cooperative prepares to move forward in development. Residents of Urbana are invited to join the Marion events.

 

Upcoming events can be found on the website www.uptowniowa.com or Facebook, www.facebook.com/UptownIowa.

 

If you have been considering making a reservation or have more feedback about the project please contact Karen Everling at home@uptowniowa.com or 319-404-4997.

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Better Together

One of the things I really love about cooperatives is that they prove that we are better together.

In what other setting would you be able to build a resort style home with amenities? Creating this yourself would be daunting. You would need a developer, lots of funding and a way to organize 31 people. Luckily, you don’t have to do that! Historically, cooperatives have allowed residents of apartments in New York to afford high quality housing at an affordable price point. Uptown Living can do the same for you by providing high quality lifestyle living to all its residents.

The cooperative essentially allows you to get $400,000 value for $140,000. But you may be asking, “How”? Good question. I’m a “spreadsheets” guy so I love taking your unique living situation and showing you how the numbers work and how the cooperative lifestyle can add value for you!

If you have not had a chance to sit down with me yet, please email or call me. I can get your details into our comparison and show you what it would mean for you personally.

Chad Gardner

Community Coordinator

319-540-3623 | chad@UptownIowa.com



The Process

One of the first questions we always get is, “when will the project be built”? Great question! Let me share how the community works through this together because the answer lies in YOU. Here are the phases we will see happen:

Concept (YOU are here)

Input meetings will begin with the potential community; $500 Refundable Reservations will be taken. Once the level of interest is high enough, the next phase will begin.

Pre-Sales

Reserved members will continue the buyer’s process by entering into a subscription agreement to purchase their share. Subscriptions are sold on a first come first serve basis to those who reserved in the concept phase.

Development

Uptown will continue with the process as members finalize input on their individual units and the common spaces. Regular meetings will be held for future members to accommodate the development process for the future community. The regular meetings will be a great time to get to know your new neighbors and establish new friendships.

Construction

When approximately 75% of the home units have been sold, the funding process will move forward. Around 8 weeks later, construction will start. Total construction is estimated at 10 to 12 months.

Move In

Were you one of the first to subscribe? Great news. You will be one of the first to move in! Welcome to your new HOME!

As you can see there is no “cut and dried” dates that I can give you because just like walking we have to put one foot in front of the other. Stay tuned to your email and Facebook and we will be sure to keep you up to date.



Share or Deed?

Sometimes when we embark on something new, we want to compare “apples to apples” when we look at a new idea. When it comes to discussing cooperative living, it’s hard to actually find a true “apples to apples” comparison. Let’s discuss being a shareholder.

 

With your home, you hold a deed. With Uptown, you own a share. Most of us in Iowa think of farming cooperatives when we hear “co-op”. While some of the principals may be the same, a lot is different. As a shareholder you enter into a subscription that sets forth rules and values that the whole community will live by. This is why cooperatives do not allow you to sublet your space. The community is about involving YOU. While you have your own space, you also own 1/31st of the entire grounds, building and common spaces.

 

     • Shareholders still earn equity and they still pay taxes (in this case it is in your monthly fee) like a homeowner.

     • Shareholders take part in the government that oversees the cooperative; shareholders are “members”.

     • Uptown will most often be a non-profit or not for profit entity. When the development is complete, this will be set up by the member with help from the development team.

 

It is fun to learn about your new community, but remember I am here to help. Whether you enjoy the business side or just want to enjoy time in the future community with your friends. You can have a place here!

 

As always, stay tuned to our Facebook page for details and join our Uptown Urbana Facebook Group.

 

 



Co-op Living On It’s Way To Urbana

Published in Corridor Business Journal, October 29, 2018

Hoping to ride the wave of retiring baby boomers, the developers behind The Views Senior Living in both Cedar Rapids and Marion are now planning a 31-unit cooperative living community in the small but fast-growing town of Urbana.

“Boomers, you’ve earned it. Baby, you deserve it!” are the words greeting visitors to the Uptown Living of Urbana website, which pitches freedom to travel, pursue hobbies and spend time with family away from the constraints of single-family homeownership. It also positions the cooperative concept as an opportunity to help shape a unique living experience with community peers.

“Baby boomers are younger than the generation in senior living already, and we wanted to market something that didn’t feel like other places, that didn’t say ‘hey, senior citizens,'” said Karen Everling, marketing coordinator for the project. “We’ve had a good response to that. It’s fun and people like to feel part of something, whether they’re Gen X or millennials or baby boomers.”

The $12.5 million development, set for construction just east of Urbana City Hall on 54th Street Lane, is being financed under the Section 213 housing program administered by HUD, which is aimed at helping nonprofits and trusts develop housing projects to be operated as cooperatives by resident shareholders. At least one homeowner must be 62 years of age or older and projects must be 60 percent pre-sold prior to its loan closing. John Baumhoefner, president of Views Development and Uptown Living, said that means between 18-20 units will need to be reserved before proceeding with construction, which he estimated would take about 10 months.

The sales process will kick off with a November open house to begin discussing the development process and possible amenities with interested community members. Upscale Living, which is eying similar developments in Marion, Peosta, Bettendorf and Belle Plaine, will offer parking, storage and outdoor living space as fixed amenities, but just what those look like will be shaped by residents.

To read the full membersfirst story in this week’s CBJ digital edition, click here.

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