ELK RIVER STAR NEWS - August 1, 2003
by Jim Boyle
Editor
There’s a new housing option for seniors pulling into town.
Guardian Angels of Elk River is developing the Pullman Place, a senior housing cooperative to be located in Elk River Station in east Elk River.
The concept is relatively new in Minnesota but proving to be very popular across the Midwest, according to Sherry Emerson, the vice president of operations for Guardian Angels of Elk River.
Efforts to pre-sell one- and two-bedroom units as well as two-bedroom units plus a den got under way three weeks ago. The hope is for construction on the 65-unit housing facility to start by next spring. The project has to be 90 percent pre-sold for construction to begin.
Elk River Station is a mixed-use development planned to surround Elk River’s park-and-ride off Twin Lakes Road. The overall project features Pullman Place and Centex Homes as well as plans for office and retail space.
Centex Homes is a 298-unit, for-profit housing development featuring six-unit urban row housing and four- and eight-unit carriage homes. Homes are being sold and a model is expected to be ready in August, according to Steve Ach, the division land manager for Centex Homes.
The office and retail will be developed by a partnership between Oakwood Land Development and Pratt Homes. That development is expected to trail right behind the housing, according to John Peterson of Elk River Station and Oakwood Land Development. Marketing efforts will begin to be stepped up soon.
Pullman Place is the third component of Elk River Station. There is an initial down payment for each senior housing unit. The down payment purchases a share in the cooperative. Each unit accounts for one share, no matter the size or style. There is also a monthly fee based upon the size of the unit. The monthly fee can only be raised by the residents and must be directly related to an increase in operating expenses.
The resident-owned facility will be led by a board comprised of residents and managed by Guardian Angels.
Emerson and Barbara Martin, the marketing director for the Pullman Place say there’s a comfort in cooperatives that stems from the region’s agricultural backgrounds.
“We’re used to cooperatives,” Emerson said.
The housing development is intended for adults 55 years and older. Pets will be allowed, but smoking will not be permitted.
Among the amenities will be underground parking, a community room, woodshop, craft room, exercise room, library, car wash and a guest room.
Martin says many seniors have purchased townhomes because lawn mowing and snow removal are taken care of, only to find themselves still having to call in a plumber or electrician to handle other maintenance issues.
“Plus they find themselves isolated,” said Martin who has been selling senior cooperatives for six years. “Many people end up selling their town home to buy into a community.”
Pullman Place is the fourth senior cooperative Martin has marketed and sold. The others are in Maplewood (Cardinal Pointe), North St. Paul (Penn Place) and Faribault (Cardinal Pointe).
One reason they work, Martin said, is residents take ownership. She sites vegetable garden sales and craft fairs with the proceeds being funneled back into these housing communities as small examples.
“Everything is the for the betterment of the community,” Martin said.
Emerson said one aspect Guardian Angels officials find so exciting is the independence the cooperative will create.
“It will give people a chance to express their past hobbies or interests,” Emerson said.
The Pullman Place, a non-profit initiative, also fits within the mission of Guardian Angels by guaranteeing affordability.
“This is a way to keep seniors in their home community, and its opening up homes in the community to first time home-buyers,” Emerson said. “It’s creating a more desirable area.”
Estimates of the down payment for the smallest units are about $39,000. The down payment for the larger facility is estimated at $75,000. The estimated monthly fees range from $680 on up to $1,300.
To keep the homes affordable into the future, they are sold as limited equity. The down payment can only increase 1 percent per year.
Martin’s office is at 592 Dodge in the former Subway restaurant. She can be reached at 763 633-0999.
Elk River Star News & Shopper
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Fax: 763-441-6401Editor: editor.erstarnews@ecm-inc.com