Interest increasing as Crestwood Ridge complex nears completion

Construction on the Crestwood Ridge Apartment Complex at 1200 Edgewood Rd NW is well underway.

Much of the controversy swirling around Crestwood Ridge has died down as construction efforts have ramped up, with developers receiving numerous calls from individuals expressing interest in renting an apartment once the units are available.

Still, skepticism within the neighborhood exists, as concerns about safety, increased traffic, and the scale of the project not fitting the neighborhood aesthetic remain.

The 45-unit apartment complex has designated five units to families facing chronic homelessness, a caveat drawing $8 million in federal housing tax credits from the Iowa Finance Authority.

The tenants of those five units will be determined by leading organizations in the housing crisis, including Willis Dady, a nonprofit providing emergency shelter and resources for those experiencing homelessness.

"I think that this opportunity is going to be a lifeline for five families who would otherwise struggle with being on the streets, being in a shelter, maybe being housed for a short amount of time through assistance, but ending back up because they haven't had a chance to work on long-term stability," said Phoebe Trepp, the executive director of Willis Dady.

The other 40 apartment units will be rented to eligible applicants who meet income requirements.

Minnesota-based developer CommonBond Communities is already fielding calls -- thanks to a sign outside the property facing Edgewood Road -- inquiring about the apartment, despite the complex being about six months from opening.

Senior Project Manager Justin Eilers said CommonBond is not taking applications at this time, but will do so 120 days out.

Rental rates range, with one-bedroom units from $489-$596, two-bedroom units from $575-689 and three-bedroom units at $829.

The 45 apartments will be divvied up based on a prospective tenants income compared to the average median -- four units will go for market at, 29 for 60 percent area median income, seven for 40 percent area median income, and those five set aside for families who are chronically homeless will go for 30 percent area median income.

Eilers anticipates the apartment complex will be complete by September 1.

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