Groundbreaking for Pickerel Park Townhomes set for Wednesday

 
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Alliant Energy, Newbury Development Company, and the city of Albert Lea will host a groundbreaking ceremony for Pickeral Park Townhomes at 11 a.m., on Wednesday, Oct. 20 at the corner of U.S. Highway 69 and West 9th St. in Albert Lea. The public is invited. A reception will immediately follow at the Senior Center located in the Skyline Mall.
An on-line map and driving directions to Pickeral Park Townhomes can be found by following this link to Yahoo Maps.
Pickerel Park Townhomes is a 24-unit apartment community under development by Newbury Development Company of Des Moines, Iowa. The development will provide affordable family housing with units renting from about $350 to $450 per month. The complex, which is expected to open in late summer of 2000, will have 12 two-bedroom units and 12 three-bedroom units. Garages, surface parking and a playground will also be included in the complex.
The city of Albert Lea secured a state grant for the development and the Greater Minnesota Housing Fund committed funding in the form of a low interest loan to keep the rent level affordable. Alliant Energy, through its Heartland Properties, Inc. subsidiary, will purchase the federal housing tax credits issued for Pickerel Park Townhomes and will become a limited partner in the housing development. Heartland Properties is also a construction lender for the project.
"We are proud to help bring this new complex to Albert Lea," said Russ Kaney, director of housing investments for Heartland Properties. "Both our parent company, Alliant Energy, and the city of Albert Lea hold economic development and affordable workforce housing as a top priority."
Alliant Energy is active in more than 1,000 communities in four states as a provider of electricity, natural gas, steam energy and water. Heartland Properties Inc., is a sponsor of high-quality affordable housing for families in the Midwest. Since its founding in 1988, it has sponsored more than $300 million of real estate development in local communities, representing over 5,000 high-quality affordable apartment homes.

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