Townhome development for seniors is under way

Building permits for 12 units issued

By RON LARSEN

Journal Staff Writer

NEW ULM -- One-level, upscale, affordable townhomes aimed at the seniors market are coming to New Ulm.

Stonewood Corporation of St. Paul, operating locally as Cottonwood Development LLC, has taken out building permits for 12 townhomes on Cottonwood Street between the river and the Poor Farm.

Each permit has a listed value of $104,000, making it about a $1.25 million project for the buildings at this point. However, the Realtor of record, Bob Goetzke of The Goetzke Group in Mankato, said the units are selling for "around $175,000."

A total of 16 townhomes, each with a base size of 1,915 square feet, are planned at that location, according to Richard D. Black of Stonewood Corporation.

"Our company offers buyers a unit that is handicapped accessible with no more snow shoveling or lawn mowing, no more exterior maintenance, and a modern, energy-efficient, secure home in a neighborhood with people who have similar interests," Black said.

The units will be built with four in a single building with a unit in each corner, Black explained, so "we are selling all corner units. Each unit has its own patio and distinct setting."

The complex has no frills like a swimming pool or meeting rooms.

"Owners are only paying for lawn care and snow removal through their association dues," Black said.

"Our site plan offers generous green space, too, with a ratio of one unit per about one-quarter acre of land," he said. "We use berms and other landscaping screening along roads, sides and corners of the lot."

Although close to the Cottonwood River, Black said the project is being built above the river's flood plain so "there should be no concern about that."

Black noted the buildings are placed at an angle to the street, or setbacks are varied to add "curb appeal and eliminate the 'repetitive' townhome look."

Black and Goetzke said five units already have been sold.

"Although we will sell to anyone, we see the market as being those 55 and up who probably spend their winters in Texas or Florida and want to be sure everything is taken care of," Goetzke said.

The New Ulm project isn't Stonewood's first foray into southcentral Minnesota. The firm has similar projects completed or under construction in Mankato, North Mankato, Le Sueur, St. Peter and Northfield.

"So we know that a project of this type is important to cities, and the demographics show there is, and will continue to be, a strong demand," Black said.

"Studies show ... a project such as ours is the quickest and cheapest way for a city to create affordable housing because when seniors move to new housing, they free up older, existing homes that are often affordable to lower-income buyers."