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 firstname.lastname@example.org or 319-404-4997.