Senior living complex breaks ground
<p>Post Falls Mayor Clay Larkin, from right, Jeff Darling, with Zions Bank, Pam Houser, CEO of the Post Falls Chamber of Commerce, Michelle Lea, with the Utah Community Reinvestment Corporation, and Tim Cobb, from Community Development Incorporation take part in a groundbreaking ceremony Friday for the Silver Creek senior apartment complex.</p>
POST FALLS - Silver Creek is building on an American family trend.
Ground was broken Friday on the $3.8 million, 42-unit senior affordable housing project on Idahline Road on the west side of Post Falls.
Tim Cobb of Caldwell-based developer Community Development Inc. said the complex for those 55 and older will be unique for senior apartments because three-bedroom units will be among the offerings to reflect the trend of more grandparents being the primary caregivers to their grandchildren.
"The demand (for affordable senior apartments) is really strong," Cobb said. "The vacancy rate is under 5 percent. There's just not much available product that is exclusively for seniors."
The 2.3-acre project will include a three-story building, a community center, carports, walking paths, greenspace and a small "tot lot" for children. It is expected to be completed in the fall.
The application process will be held in July and August at the community center of the North Creek apartments, Community Development's existing family housing project next to the site.
The monthly rent will range from $277 for a basic one-bedroom apartment to $594 for a three-bedroom unit. Supportive services such as transportation will be available for the tenants, Cobb said.
Silver Creek is funded by federal stimulus money, a tax credit through the Idaho Housing and Finance Association, a construction loan and investors.
"We're grateful for the presence we already have (with North Creek) and will have in the future," Cobb said.
Silver Creek is the first phase of a planned two-phase development. The second phase, Silver Creek II, will include 42 senior units next to the site.
"We're in the application round for IHFA funding," Cobb said of Senior Creek II. "It should create a nice senior village for the area."
Post Falls Mayor Clay Larkin praised the project for putting the construction industry to work during the recession and providing a growing senior population with affordable housing.
"Seniors will be lined up to apply," Larkin told attendees at the groundbreaking ceremony. "It's great that you're looking to the future."