PIQUA — There is expected to be movement happening by springtime on the expected apartment complex coming to the 400 block of Wood Street.
The Piqua Planning Commission approved a request this week from St. Mary Development Corporation for the city to replat eight parcels into one parcel to allow for the construction of a $10.1 million apartment complex, as well as for the city to vacate .071 acres of unimproved alley platted public right-of-way and dedicate a new public right-of-way.
The plans for the apartments have been in the works since developers sought a zoning change to the land in January 2018. The apartment will be located in the 400 block of Wood Street and situated across the street from its previous owner, Transformed Life Church, located at 421 Wood St. The apartment complex is expected to feature approximately 52 living units.
“What’s being proposed here is a workforce housing product that is much needed in our community,”city of Piqua Community and Economic Development Director Chris Schmiesing said. “If you take a close look at our housing stock … we have a lot of aging housing inventory, in some instances it has been neglected to a point where it is not really suitable for occupancy. And we’re working on addressing those issues, but in the interim, we need to add to our housing inventory to create suitable conditions for folks to be able to live in that they can afford. We’re very excited about this improvement. It’s a tremendous investment in the Southview Neighborhood.”
There is a currently a vacant, gravel lot, the Wood Street Community Center building, and an aging structure at the current site, which is also located next to the bike path connection to the Southview Neighborhood.
Wes Young of St. Mary’s Development Corp. said they are currently working on the closing of the construction loan and the equity for this project, and they expect to begin working on the site in March. Young estimated it would take approximately 14 months to complete.
“It’ll be serving people (with) adjusted median incomes of 30 through 70 percent,” Young said. “We’re really excited about it.”
They could potentially begin taking applications from occupants during summer or fall 2021.
“We anticipate a real strong demand for the product,” Young said. He also added they are not expecting “a lot of competition as this level of quality” while also still maintaining affordable rent.
According to the staff report, the city’s right-of-way that will be vacated is “currently unmarked and unimproved,” as well as not currently used as an alley. The new right-of-way that will be dedicated “will reconnect the alley parallel to and just north of Wood Street back to Wood Street with a North-South connector.” The new right-of-way will also “be paved as an alley by the developer, creating a stronger alley network connection north of Wood Street.”
“The alleyway behind Wood Street is going to, for the first time, be connected back to Wood Street again,” Piqua City Planner Kyrsten French said.