MASON CITY, Iowa - Standing in the shadow of Downtown Mason City is North Iowa's newest housing development. And during Thursday morning's ribbon cutting, those involved with the development says it fits right at home with the overall River City Renaissance project.
Talon Development of Sioux Falls planned and constructed the 133-unit River apartment and townhome complex development that sits on the site of a former parking lot just south of Southbridge Mall. President Steve Boote says a lot of research went into how the complex would fit in the area, citing a gap of market-rate housing, or as he terms it, 'workforce housing.'
"There was a need somewhere between 200-300 for roughly this type of housing in this rent profile cost per square foot."
He credits the city's strong leadership to make the development happen.
"We try to work with that leadership in that community to figure out how we can make this work. That's what happened here, that's what our company does."
Ben Lauer with Real Property Management Express notes pocket markets in the Midwest like Mason City lack nicer, newer housing. And with a near 70% occupancy rate reflecting this demand, it's higher than similar developments.
"I think the leasing and occupancy has reflected that, and we're so excited to welcome new residents in the community."
With the gap still open, Boote says there is a possibility of Talon constructing a similar development within the next 3-5 years. A couple of sites being considered include downtown and the western retail corridor along Highway 122.
"I think Mason City is ready for some more, and we're certainly going to look."