New apartment complex coming to Idaho Falls
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IDAHO FALLS – Construction on a new housing project will soon get underway in Idaho Falls.
Benjamin Cushman, a spokesman for the Idaho Housing and Finance Association, tells EastIdahoNews.com construction will begin on a 72-unit housing complex at 855 Lomax in a field east of Westmark Credit Union this fall.
“They don’t have an exact date yet because they’re still firming things up. They hope to complete the project in 2022,” Cushman says.
A groundbreaking on the 5-acre property is expected to be announced once the design and construction bid process is finalized.
The Housing Company, a nonprofit subsidiary of the Idaho Housing and Finance Association, is the developer for the project. The company worked with Randy Waters at SVN High Desert Commercial and Century 21 High Desert in purchasing the undeveloped land last year for what will be the Teton Mesa Apartments.
Cushman says the project will include four separate three-story buildings, with a separate clubhouse. Sixty-seven units will be affordable housing for “those who make less than the median income.”
One unit will be reserved for the property manager, while four others will be available to anyone at the market rate. There will be a mix of 1, 2, and 3 bedroom units in the complex.
Once the stay-home order went into effect, Cushman says the number of people who struggled to pay rent increased significantly due to layoffs statewide. The organization’s housing preservation program helps people in these circumstances, and he says there is a huge need for more affordable housing in Idaho Falls.
The Teton Mesa Apartment complex is The Housing Company’s second project in Idaho Falls since the completion of the Bonneville Hotel in January.
“We are proud of the work we have done in Idaho Falls both at the Bonneville and with this new project on Lomax which will bring more affordable housing to the city,” says Kathryn Almberg, The Housing Company’s vice president and director of operations.
The Housing Company manages 11 other properties throughout eastern Idaho, according to its website.