“The units and the interior of the building have just wrapped up this week, and we’re just finishing some site work, some landscaping and a little bit of exterior items. But the project will be 100% complete within the next week or so,” Maute said.
Eight units were already occupied earlier this month with an additional 2-3 being moving in last week, Maute said. He expects the complex to be fully leased by early fall.
“It will take a few weeks to fully lease it up. I think by early fall it will be fully occupied. There’s been good response to the units, and I think they will fill up pretty quickly,” Maute said.
The development of Rose Commons was approved in 2023 and was seen by many as a welcome effort to alleviate Springfield’s shortage of affordable housing. With the shortage being felt more acutely on a state and national level, the complex’s completion comes at a crucial time for families in Springfield.
“This property, because of the funding program, will remain an affordable rental property for a minimum of 30 years. It’s not going to convert to market, it’s not going to be sold unless its sold to someone who agrees to keep it affordable. But we aren’t in the business of developing these (properties) and selling them. So, we are going to be involved for the long term,” Maute said.
Rent in the U.S. from October 2017 to October 2024 went up 49% in urban areas, according to research by Pew Charitable Trusts. The same report said the increases in rent occurred the most in lower income ZIP codes.
“The goal for us when we do a development like this is we want it to be indistinguishable from any high-quality market rate development in the area,” Maute said. “The units are very spacious, well-appointed, and they have great energy star-rated appliances.”
Rose Commons is one of a number of efforts launched in recent years to combat the affordable housing crisis in the Springfield area.
“The city has done a good job and been proactive on working with developers like us to build affordable units,” Maute said regarding Springfield’s efforts to alleviate housing shortages. “There’s an affordable housing crisis statewide and nationwide, so being able to do units here and there to help alleviate that is great. The response we are getting with units getting filled kind of evidences and confirms the need is there.”
The project was hit with a number of challenges, but in Maute’s words, they were nothing out of the ordinary. Some of those challenges include rising inflation, as well as rising construction and labor costs.
“In general, building a project like this is much more expensive than it was 4-5 years ago,” he said.
The project was developed to house residents with area median income levels ranging from 30%-80%. Rose Commons joins the Community Gardens as yet another affordable housing project by the developer in Clark County.
“We’re excited to have another complex in the city and happy to help with the affordable housing issue facing the city and region,” Maute said. “It’s a very nice development. I think people that go see it in person will be pleasantly surprised by how nice it is.”
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