By Kevin Boneske
HOWARD – After meeting in closed session Monday, Oct. 28, the village board approved an option to purchase, giving Alliance Management six months to come up with a plan for developing property with apartments on portions of three village-owned lots along Security Boulevard, said Village Administrator Paul Evert.
Board members met in closed session with Alliance Management CEO Erik Goerke prior to voting on the option to purchase, which passed 8-1 with Trustee Craig McAllister casting the lone dissenting vote.
Evert said Alliance Management is interested in constructing five apartment buildings on three contiguous lots in the office park located in Tax Incremental Financing District No. 8 near the Wipfli CPA building.
According to the proposal submitted by Alliance Management, the apartments would be built on the back side of the lots and leave the street frontage for office buildings similar in size to what is across the street.
Evert said the six outlots where office buildings could be located would not be owned by Alliance Management.
The option to purchase for Alliance Management is for $1.
The company has until April 30 to investigate project costs and then reach an acceptable development agreement with the village.
The plans Alliance Management submitted for the apartment project call for an anticipated apartment unit mix with 35 to 42 two-bedroom, one bathroom rentals starting at $1,000 to $1,100 a month and another 35 to 42 one-bedroom, one-bathroom rentals starting at $800 to $900 a month.
The exterior for the buildings, according to plans the company submitted to the village, would have private entrances, a condo look/feel, views from all units and landscaping.
Evert said the village previously had the properties listed for sale and did not receive any interest.
He said the apartments would be owned by Alliance Management, similar to the company’s 84-unit Howard Lofts project planned next to the Village Center.
The company also manages and markets the Howard Commons apartment complex for the village.