Hemming Village announces plans for major housing, business development
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REXBURG — A major housing and business development center will soon be under construction in Rexburg.
During a news conference Tuesday, Hemming Village announced plans for “Hemming Cedars.”
The development will be built across the street from Hemming Village on the 100 block of West 2nd S. It will include 39,000 square feet of commercial space, taking up the first two floors. Two upper levels will provide 450 single student housing beds and 60 apartments for married students.
In order to make room for the new development, four homes, one business and The Cedars apartment complex will be demolished in mid-April. Hemming Village owns the homes and The Cedars apartments.
“We believe this project will help to meet specific needs of our growing community and be another building block toward positive growth and development for this region,” said Richie Webb of the Hemming Corporation.
Idaho Republican Senator Mike Crapo was at the news conference and said this project is made possible thanks to the New Market Tax Credit in Idaho.
The New Market Tax Credit was designed to increase the flow of capital to businesses and low income communities by providing a modest tax incentive to private investors.
“More than 600 jobs, full-time and construction, have been created by the use of the New Market Tax Credit in Idaho,” Crapo said. “While we push to streamline our tax code, we must remember the pro-competitive provisions like this that help us grow the economy and create jobs. Credit goes to the partners to make this project for Rexburg and BYU-Idaho a reality.”
Hemming Village was created by the Hemming family in 2005. The project is part of an effort to revitalize the area where their family has lived for over a century. Lane Hemming and his brother Val also own The Pines and The Willows, both Brigham Young University-Idaho approved housing.
The Hemming Cedars project will create 125 construction jobs and 75 permanent jobs.
