Cooperative housing for older adults coming to Ingersoll
A new 55+ cooperative housing development is planned alongside 31st Street and Ingersoll Avenue — bringing a shareholder-housing model that's different from traditional condos and rentals.
Driving the news: The Artessa will include 52 multi-family units and six townhomes on a parcel next to Chase Bank.
Minneapolis-based Lifestyle Communities is developing the project as an option for older adults who want to downsize without homeownership responsibilities.
How it works: Instead of purchasing a unit outright, residents buy a share in the cooperative, which grants occupancy rights, Dena Meyer, president of Lifestyle Communities, tells Axios.
Residents collectively own the building and elect a board to make decisions about the community, such as future tenants, landscaping and how the building is run.
Maintenance is handled by property management.
"It really is a true sense of community," Meyer says. "A lot of like-minded individuals living in one neighborhood under one roof."
Details: Residences range from 1,172 to 1,868 square feet, and share prices start at about $263,000. A monthly membership fee starting around $2,500 is also added based on unit size, but Meyer says it includes major cost of living expenses like property taxes, insurance, TV and internet, maintenance, water and sewer costs.
Amenities include a rooftop deck, fitness studio, creative workspace, lending library, heated underground parking, EV charging stations and a pet wash area.
What's next: Construction will begin once 50% of the units are pre-sold.
Meyer expects that to happen later this year, with a 14-month construction timeline.
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