Creek's Run Townhomes Brickyard Drive, Chaska
Type: Rental townhomes Units: 84 (two phases) Site: 17.4 acres Developer: Everwood Development LLC
Details: Delayed plans for a village of rental townhomes north of downtown Chaska are back on again after they received a financing boost from the state of Minnesota.
The Creek's Run Townhomes -- 1 1/2 years after they were first approved as part of the redevelopment of a former business center -- are now looking at a spring groundbreaking after their developer received an $850,000 first mortgage and $900,000 in housing tax credits from the Minnesota Housing Finance Agency.
The mortgage financing is made available by the state for multifamily projects in which at least 20 percent of the planned units are affordable to tenants making 50 percent or less of the adjacent area's median income, or where 40 percent of the units are available to tenants making 60 percent or less.
Everwood Development has set the project for city-owned land east of Yellow Brick Road. Some 40 townhomes would be built in the first phase, with an additional 44 units reserved for a future second phase.
The townhomes are part of larger redevelopment plans for the property, which for many years held the Chaska Business Center. It closed in 2008 and had been vacant until its demolition on the highly visible site in 2012. The new Brickyard Villas single-family home development is planned for another part of the former business center site.
Still needed for the townhomes to move forward is tax increment financing from the city, which is to be the subject of a Jan. 21 hearing.