Ironwood Apartments Ready for Residents

Ironwood Apartments Ready for Residents
Posted on 01/09/2019
Residents began moving into the brand-new Ironwood luxury apartment complex in early January, culminating a project that has been more than three years in the making.

Alatus, LLC is finishing construction of a four-story, 182-unit luxury apartment building on the formerly city-owned site adjacent to the New Hope Village Golf Course on Bass Lake Road.

The city completed a market feasibility study in 2015 to determine what type of redevelopment was best suited for the site, and concluded that luxury apartments were the most viable option.
The final plat and vacation of easements for the project were approved in Feb. 2017 and construction of the $43 million building began in the summer of 2017.

To describe what the new apartments strive for, Ironwood says on its website; "Escape the city and get lost in the moment without sacrificing sophisticated urban design. Ironwood offers the best of both worlds – outdoor living and city style. Everything from the unexpected amenities to the stunning design, thoughtful touches are included in every detail."

Building amenities include a pool deck with lounge chaises and grilling stations, an indoor/outdoor entertainment suite with rooftop grill, work-from-home spaces, create space/do-it-your-self workshops, panoramic views of the New Hope Village Golf Course, a 24/7 fitness center, studio, and indoor sauna, a resident coffee bar, and a pet spa.

Apartment floor plans vary from just over 500 square foot studios, all the way to three-bedroom apartments with nearly 1500 square feet. Leasing prices range from $1,245 to $2,595 per month.

In 2007, the city purchased five, 12-unit buildings. With land acquisition, relocation costs, and demolition, the city invested nearly $2.4 million into the project. In 2017, the city sold the property to Alatus, LLC to facilitate the construction of the 182-unit apartment building for $1.443 million.

The city created a redevelopment Tax Increment Financing (TIF) District in conjunction with the project that authorized the expenditures for land/building acquisition, site improvements and preparation, utilities, administrative costs, and other qualifying improvements. The TIF District allows the city to recoup the land write-down costs and administrative fees.