The Clear Lake City Council approved a letter of intent on Oct. 30 with a southern Minnesota developer who plans to construct a 95-unit market-rate apartment complex on an eight-acre site in the Emerald Edge subdivision on Highway 18.
Mac Hamilton and Chris Terry from Hamilton Real Estate Group in Rochester, Minn., gave a presentation on the proposed project, a 95-unit apartment complex, to be known as the Emerald Edge Apartments, that will bring much needed housing to the Clear Lake area. It is anticipated that the project will commence around June 1, 2024 and be certified for occupancy no later that June 1, 2025.
Clear Lake City Administrator Scott Flory said, “I think our number one need is housing. It’s the one thing that we need more than anything else in this community.” He said the Hamilton Group has done extensive development in the southern Minnesota area, not just on apartments, but commercial development as well. “ I am equally as proud of the relationship that he’s established with the communities that he’s worked in.”
Rental of a market-rate apartment is based on existing area market values and demand rather than on any kind of subsidies or government assistance. Flory said that in the 23 years he has been in Clear Lake there has never been a market-rate apartment project, so it is a pretty big deal.
Chris Terry explained that the four-story, 95-unit building, built in an L shape, will have a mixture of living options including: 47 one bedroom-one bath apartments; 12 studios; 22 two bedroom-one bath apartments; and 14 with two bedroom-two baths.
Terry said the apartments will be “amenity rich,” with stainless steel appliances, full size washers and dryers, nine-foot ceilings throughout with 10- foot ceilings on the fourth floor because there will be extra space with their vaulted truss system. The complex will have its own fitness center and a courtyard with gas grills and fire tables for outdoor entertaining.
There will also be 27 tuck-under garages, 32 detached garages and adequate parking in the parking lot. “We’ll also be adding a couple of charging stations for anyone who has an electric vehicle. We find those to be a nice amenity,” Terry said. He added that every apartment will have either a balcony or a patio.
In order to make this apartment complex a reality the Hamilton Real Estate Group asked the City of Clear Lake for three things to demonstrate their good faith and show of support. “The rezoning to go from a commercial zoned property to multi-family residential. A variance in the height. I think the height restriction now is around 35 feet. We’re going to be 40-plus with that fourth story added and with the truss system. And then the 100 percent property tax abatement over 10 years,” Terry said.
Councilman Bennett Smith commented on the presentation. “Scott mentioned earlier the greatest strategic need we have in our community is housing, and this type of project, 95 units in a really great location, will just be a tremendous addition to our community. So, a really fantastic opportunity for Clear Lake.”
