Sat. Jun 10th, 2023
The next step is being taken toward the development of some more affordable housing in the Lake Area.
The board of aldermen in Lake Ozark giving first-round approval of a measure to adopt a recommendation from planning and zoning, which clears the way for Phase-3 of the Fish Haven project.
Officials say the first two phases include the Fish Haven apartments and Estates.
They also say that the Frisco company, if given final approval by the city, will be responsible for constructing two 20-unit developments for affordable housing.
The first reading passed unanimously with the second and final reading set for the 24th of this month.
A housing developer with a track record of success in Lake Ozark wants to continue providing working class housing in the community.
Briscoe Ozark Development Group, developer of Fish Haven Apartments and Fish Haven Estates retirement community, is hoping to expand the footprint of affordable housing along South Fish Haven Road with two 20-unit complexes adjacent to Fish Haven Apartments.
The board of aldermen recently gave first-round approval of an ordinance adopting a Planning and Zoning Commission recommendation to rezone 19 parcels of land along Fish Haven Road, Hickory Drive and Forest Hills Road. The rezoning would be from Manufacturing Home Park Residential and R-1 Low Density Residential to R-3 Multi-Family residential. Second reading is expected at the regular Aug. 25 board meeting.
The board also approved first reading of an ordinance rezoning property fronting Rt. 242 from R-1 Low-Density Residential to C-2 General Commercial at the request of Briscoe Ozarks Development Group. Ryan Fuller, representing McClure Engineering, said the development group does not have a specific client interested in the Rt. 242 property but wants to market the area as General Commercial to potential clients.
After final board approval, the next hurdle for the developer will be obtaining tax credits from the Missouri Housing Development Commission which would help buy down the cost of the project.
Deadline for applying for the tax credits is September with notification expected in December.
Pete Ramsel, representing Briscoe, said that equity raised by selling the tax credits to investors is used to help buy down the cost of the project. Private equity will fund between 85 and 90 percent of the project with the balance borrowed. That helps keep the overall cost down, making the units more affordable to the public, he explained.
Ramsel said the two-bedroom units will rent for between $500 and $600, and the three-bedroom units will rent for $550-$650 per month.
“They are very, very affordable,” Ramsel said. “If people make too much money they can’t live there. There is no rental assistance. The difference between low-income housing and affordable housing is that these people live in the community, work in the community and pay rent.”
Fish Haven Apartments Phase 3 will offer units on a fixed income basis.
Phase 1 of the Fish Haven developments – Fish Haven Apartments – opened in early 2016. Fish Haven Estates, the senior living community across from the apartment complex, opened in early 2018 as Phase 2.
One of the proposed buildings would be located at Fish Haven and Hickory Drive. The second would be located on South Fish Haven just west of Fish Haven Estates.
“The first two phases have been great,” Ramsel said.
He also praised Briscoe Development Group and McClure Engineering, the engineer firm for all three phases, for their partnership in the projects.
Ramsel also noted that a million-dollar Community Development Block Grant from the Missouri Department of Economic Development approved several years ago to build a regional lift station was another key factor in creation of the Fish Haven complex.