Washington Square Fills Rental Market Demand

Washington Square Fills Rental Market Demand Main Photo

26 Aug 2019

It’s been one year since the Washington Square Apartments officially opened to renters on the site of a former elementary school in Holdrege along Highway 183.

The 18 apartment units are now fully occupied by young professionals and people of all ages who need good, quality housing.

“The ‘new and nice’ factor has been a big draw,” said Jennifer Yendra, property manager for Washington Square apartments. “All appliances included is also a big draw. Both of these benefits are popular features among current and prospective tenants.”

Yendra said many young professionals in their 20s and 30s have rented the apartments, and many of those tenants are renting until they can purchase a home.

“I also have folks who simply want to rent a nice apartment with the intention being to rent, and they are not looking to buy,” Yendra said.

Rent remains at $900, and a one-year lease is required. The 1,100-square-foot apartments feature two bedrooms and two bathrooms and are equipped with washers, dryers and kitchen appliances.

PCDC acquired the former Washington School property from the City of Holdrege and sold it to Flat River Enterprises LLC to build the apartments, which were intended to help alleviate the shortage of rental homes in Holdrege. A study showed that half of local jobs were filled by workers who lived outside the county. The apartments were intended to help some of those commuters relocate closer to their jobs.

PCDC is working with a group of developers, which also includes Flat River Enterprises, who are planning to build a new Cobblestone Hotel on the southwest portion of the property. The project is expected to break ground in August.

PCDC Executive Director Ron Tillery said the north half of the property will also be developed by Flat River Enterprises led by Mike Kalb, who is currently inviting inquiries about future development. The preliminary plan accommodates two restaurant pads and about 6,000-square-feet of retail/commercial space with parking. The layout and design is flexible at this stage of development so business owners can tailor the space to fit their needs. The property is available on a straight sale basis or build-to-suit with a lease.

“Our hope is to see more retail businesses and restaurants in this area to support the high-traffic corridor along Highway 183 and the adjoining hotel,” Tillery said.