A new $15.4 million senior housing apartment facility is in the works in northwest Davenport.
Construction has begun on the Timber Ridge Apartments at 2345 W. 54th St. That site is just north of the intersection of 53rd and North Pine streets, near Green Acres Park.
If all goes according to schedule, the 52-unit affordable housing community for senior residents aged 62 and older will be complete in about a year.
“Timber Ridge is an exciting housing development in the second ward. We need more housing in Davenport, especially good quality housing, especially in northwest Davenport,” Davenport Alderman Kyle Gripp said during a ground-breaking ceremony last week. “We’re excited to welcome this new development to Davenport.”
That Wednesday, Oct. 29, ceremony was hosted by project developers Woda Cooper Companies, Inc., based in Columbus, Ohio, and co-developer, nonprofit Parallel Housing, Inc., based in Athens, Georgia.
“We are thrilled to be creating Timber Ridge, a new housing community in Davenport that will give seniors a high quality option for age-in-place housing that’s affordable, energy efficient, and well-maintained,” said Barry Accountius, vice president-development for Woda Cooper Companies.
Primary financing for the project was supported by the allocation of 9% housing tax credits by the Iowa Finance Authority (IFA).
“IFA is proud to support this project, which will bring new affordable housing
options for seniors in Davenport,” Iowa Finance Authority and Iowa Economic Development Authority Director Debi Durham said in a news release. “Developments like this are exactly what Iowa needs to meet our housing demand and ensure all Iowans have access to safe, quality and affordable homes.”
Here are more details on the project:
- Timber Ridge will be an energy-efficient, three-story building with an elevator. It will offer 32 one-bedroom and 20 two-bedroom apartments. Current projected rents are $565 to $975 per month, depending on size of unit and income restriction.
- The facility will be 50,037 square feet. The one-bedroom units will be 646 square feet, and the two-bedroom units will have 825 square feet.
- Timber Ridge, open to senior residents aged 62 and older, will be targeted for renters at a mix of incomes up to 40% to 60% of the area median income.
- All units will feature contemporary designs, quality finishes, and energy-efficient appliances, including dishwashers. Community amenities include a multi-purpose room with kitchenette, a fenced dog park, and outdoor seating. Timber Ridge will be ENERGY STAR certified.
- The surrounding neighborhood offers access to businesses and community amenities via walking, biking, or driving. Within a short distance, there are many employment opportunities, restaurants, and retail outlets, including grocery stores, plus health care clinics, churches, parks, and many employment opportunities and other community amenities.
- The project’s architect is Hooker DeJong, Inc., with general contracting by Woda Construction, Inc. and civil engineering performed by IMEG Corp. Leasing and property management will be performed by Woda Management & Real Estate, LLC.
- KeyBank Community Development Lending and Investment (KeyBank CDLI) provided the construction loan and tax credit equity investment in the project. “KeyBank is proud to support Timber Ridge Apartments and help expand affordable housing for seniors in Davenport,” said Ryan Olman, senior vice president, KeyBank CDLI. “This investment aligns with our commitment to build and invest in stronger, more inclusive communities.”
- The City of Davenport also approved a HOME loan as a part of the Timber Ridge financing.
- Cedar Rapids Bank & Trust is providing a permanent mortgage. “As an Iowa community bank, supporting the local developments of new affordable housing is critical in our mission as a lender. We are pleased to provide financial support to Woda Companies’ Timber Ridge development in Davenport, further supporting our Iowa neighborhoods and communities,” said Michael J. Goerdt, vice president, Specialty Finance Group, Cedar Rapids Bank & Trust.
Timber Ridge is Woda Cooper Companies’ eighth affordable housing community developed in Iowa and first location in Davenport. Other Woda Cooper properties are located in Wilton, Cedar
Rapids, Indianola, Johnston, and Des Moines. Earlier this year, IFA allocated housing tax credits to support financing for a new senior community Woda Cooper will develop in Newton called Brockton Place.
