development

An artist’s representation of the new housing development planned at 130 Ridge Road.

The Ramada Company and Nechama LLC recently requested review from the Village of Osceola and approval of a residential development within the village. The site proposed will include a large 3-story residential complex with adjacent garages, landscaping, parking, trail and general site improvement located at 130 Ridge Road.

According to a report submitted by The Ramada Company to the Village, “The Housing Needs Assessment for Osceola indicates there is a need for 95 rental housing units by 2025 and an additional 41 units by 2030. 

As part of the more detailed market analysis, The Ramada Company and its CEO, Steve Liefschultz, hired Maxfield Research and Consulting, LLC to evaluate the market demand. Maxfield Research estimated a total rental demand of 484 units. The development proposed will capture 14.8% of the demand for rental housing in the Primary Market Area. 

As owners of the existing Cascade Falls Apartment, the company was able to collect demographic information from those tenants. According to the data gathered the average income per unit is $59,723. The median income per unit is $53,000.

 

Other highlights include: 

• 10 tenants purchased homes in the Village of Osceola between April 30 through May 31, 2021

• Prospective tenants would be expected to have a minimum required income per unit of approximately $47,700.

• Tenant origination includes: 18 residents moved from within Osceola, 41 moved from Minnesota to Osceola, 47 moved from other Wisconsin locations and 8 people moved from other states

• 50 tenants have daily commute to Minnesota, 22 commute within Osceola and 52 commute to other towns in Wisconsin

• The tenants for the proposed development would have similar demographic characteristics, but anticipates a higher median age population than the age of 42 per unit at the Cascade Falls Apartments

 

The development proposal is described as, “An attractive, three-story building at the southern entrance of the Village. The exterior will include stone and two different styles of siding to create a visually appealing building.” 

The proposal also states that the three-story building will have 72 units with 72 covered parking spaces and 74 surface parking spaces for a total of 146 parking spaces (or 2.03 per unit.) 

The units will include 70 two-bedroom, one-bathroom units that will range in size from 855 to 867 square feet and 2 one-bedroom units. Rent is expected to be approximately $1,325 per month.

Two separate garage buildings will encompass the covered parking spaces. Garage 1 will have 31 parking spaces and include a workshop., maintenance and storage. Garage 2 will have 41 spaces. Other amenities include: a meeting room, Fitness Room, Lobby, Office, Mail boxes, Parcel Room and Restrooms for Men and Women.

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