Kenosha State of Downtown Report.indd - The Lakota Group

DOWNTOWN HOUSING
Pockets of older single-family homes are found throughout the
Downtown study area, and single-family homes of all descriptions
are predominant in the south portion of the Downtown, down to its
65th Street boundary.
A few multi-family rental buildings were constructed in the 1960s
and 70s, while some vintage buildings continued to provide desirable
apartments. In 1990, Stationside Village brought 151 rental flats
and townhomes to the west edge of the Downtown, near the Metra
station. The flats have a patio or garden, and the townhomes have
a washer/dryer and an attached garage. Because Stationside was
originally financed with housing tax credits, 20% were affordable to
households with incomes at 60% of the local area median income.
The compliance period ended, and all the units are now market-rate.
The unit mix and rents are shown in Table 4-22. Stationside’s typical
rent of $0.80 per square foot is well below the rate that would be
required to support new construction.
Some upper floors of commercial buildings contain rental apartments.
A typical rent for second floor apartments with one bedroom in a
commercial building in the Downtown would be about $450. The
asking rent for a fully renovated unit with features such as hardwood
flooring, new appliances, and a granite countertop would be up
to $650. A recently renovated upper-floor apartment with two
bedrooms and two bathrooms might fetch a monthly rent of $850.
A typical rent for a remodeled unit in an apartment building around
Library Square might be $675. Such upper-floor development
is likely to be economically feasible for many building owners,
particularly those with a low basis in the property, and should be
encouraged. Demand for quality rentals will be increased with more
Downtown workers and an environment that attracts students.
A developer has applied to the Wisconsin Housing and Economic
Development Authority (WHEDA) for tax credits to help finance
the adaptive-use development of the former KYF building. The plan
calls for 42 rental units including 33 affordable and nine market-rate
apartments.
Development of HarborPark commenced in 2001, adding
condominium flats and townhomes. Original sales prices for the
largest well-located units were in the range of $500,000 to $600,000.
Indicative of current conditions, HarborPark units may be offered at
prices below those paid by the seller. Listings with Realtors show
the following asking prices as of the end of February 2012 – see Table
4-23.
Table 4-22: Stationside Stationside Village Village Rents Rents
Type Bedrooms Baths Sq Ft Rent
Flats 2 2 900 $760
2 2 885 $725
2 1 854 $690
2 2 965 $800
2 2 965 $745
2 2 1,044 $750
2 2 1,044 $750
2 2 1,057 $765
Townhouses 2 1.5 1,116 $925
2 1.5 1,173 $899
2 1.5 1,057 $900
Source: Legacy Property Management
Table 4-23: HarborParks Units Offered for Sale
List Price Bedrooms Baths Sq Ft
Flats
$51,900 1 1 550
$72,000 1 1 605
$79,900 1 1 740
$89,000 1 1 550
$90,000 1 1 740
$99,900 1 1 740
$110,000 2 1.5 1,003
$124,000 2 2 1,201
$124,900 2 2 1,201
$134,900 2 2 1,381
$139,900 2 1.5 997
$155,000 2 2 1,279
$355,000 2 2 1,900
$376,900 3 3 2,911
Townhouses
$152,900 2 1.5 1,601
$157,000 3 2 1,601
$159,400 2 2.5 1,810
$169,500 2 2 1,810
$215,000 2 2.5 1,938
$249,900 2 2.5 2,486
$116 Average price per square foot
Source: Realtor.com, February 29, 2012
CITY OF KENOSHA, WISCONSIN
KENOSHA DOWNTOWN STRATEGIC DEVELOPMENT PLAN: STATE OF THE DOWNTOWN
MARKET ANALYSIS
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