Work to start on $8 million mixed-income apartments with Walton support
by July 24, 2024 10:01 am 528 views
Community Development Northwest Arkansas will build a 40-unit, mixed-income apartment complex in Bella Vista. The $8 million Cottage Lane Village Apartments project is supported by the Walton Family Foundation and expected to be completed by the end of 2025.
Cottage Lane Village Apartments is part of Bentonville-based nonprofit Community Development Northwest Arkansas’ ongoing effort to deliver more affordable housing in the region and is its third significant groundbreaking this year, according to a Wednesday (July 24) news release.
The Bella Vista apartment complex comprises five two-story apartment buildings, each with eight units. All units have two bedrooms, two bathrooms, 873 square feet of living space, and a patio or deck.
The development is located on 2.69 acres at Arkansas Highway 279 and Lancashire Boulevard near the Boys and Girls Club and the new Bella Vista District Court. The project is adjacent to existing affordable housing community Cottages at Highlands Crossing, which is also owned by Community Development Northwest Arkansas.
According to the release, the new apartment complex “includes affordable units underwritten by the Arkansas Development Finance Authority and the Walton Family Foundation. Eleven units will have steeply discounted rents and be reserved for households earning less than half of the Northwest Arkansas median income. Most households will also qualify for ‘workforce’ rates, offering moderate discounts from market rents.”
Project funding partners include Arvest Bank, Arkansas Development Finance Authority and the Walton Family Foundation. The project team comprises Core Architects, CEI Engineering, Krein Development LLC and Community Development Northwest Arkansas.
“The Cottage Lane Village Apartments project demonstrates our dedication to expanding affordable housing solutions in Northwest Arkansas,” said Casey Kleinhenz, executive director of Community Development Northwest Arkansas. “We are proud to contribute to the Bella Vista community and provide more residents with accessible and secure housing options.”
A groundbreaking ceremony is set for 9 a.m., Tuesday (July 30) at the project site at Highway 279 and Lancashire Boulevard in Bella Vista.
Founded in 1991, Community Development Northwest Arkansas has grown to own and operate more than 350 rental units, focusing on affordable, senior, workforce and assisted living housing.