Stewartville, MN (KROC AM News) - A perfect day for a big groundbreaking ceremony in Stewartville.

The city and developer of a planned housing project plan to hold the ceremony at 10:00 AM Wednesday at the site, which is near Bear Cave school.

The project named Flats 55 will consist of 55 one and two-bedroom apartments. The developer is targeting next spring for completion of the $8-million project.

The city and developer worked out an agreement that provides upfront funding for the project through tax abatement, special assessments, eased zoning restrictions, and deferred city fees. The city says the project will provide market-rate apartments for individuals and families looking for options outside of Rochester.

“It’s no secret there is a housing shortage,” says Bill Schimmel Jr., Stewartville City Administrator. “Flats 55 will provide much-needed housing for new families and ultimately result in additional local economic activity that will benefit our community.”

Developer PGGM1 includes four partners: Darren Groteboer, Bryan Shoeppner, Jeremy Kane, and Ken Nash. The 73,000 sq. ft., 4-story building will sit on a parcel located on 17.5 acres of land purchased for the development of housing in Stewartville. Flats 55 will include 55 one and two-bedroom units and include both underground and surface lot parking.

“There is a lot happening in the world and our own backyard right now,” concludes Stewartville Mayor Jimmie-John King. “We’re doing our best to keep moving forward and make progress on projects like Flats 55, which will benefit our community and the citizens of Stewartville - both now and in the future.”

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