SOUTH SIOUX CITY -- As the region emerges from the COVID pandemic, Flatwater Crossing developers anticipate construction picking up again at the unique South Sioux City housing and commercial development.
"We've got a lot of inquiries and demand coming out of COVID. We paused a little bit in 2021. We're anxious to hit the ground running again," said Dennis Johnson, chief investment officer at Ho-Chunk Inc., a development corporation owned by the Winnebago Tribe of Nebraska and developer of the 200 acres being developed at 29th Street and Veterans Drive as a walkable urban neighborhood featuring a network of greenways, natural landscaping, plazas and trails.
The pandemic caused construction and material cost increases of 15%-20%, leading to a slowdown that put the development about a year behind, Johnson said.
"You always hope it's faster, but I know where we are now and the interest that's in the pipeline," he said. "I feel like the next several years will be very positive growth for Flatwater Crossing."
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That growth is evident as a 43-unit apartment complex nears completion. Construction began in late 2020, and the four-story building should be ready for occupancy in April. Johnson said 10 units already are preleased. The one- and two-bedroom units will lease for $1,195-$1,395. All apartments have balconies and views of the nearby Missouri River. The building also has 67,000 square feet of commercial space on the ground floor, and Johnson said it's expected that a restaurant will locate there, based on discussions with interested parties.
A nearly identical apartment building is in the design phase, and construction is likely to begin in 2023.
Both will stand on either side of a town square that will be surrounded by other multi-use buildings and feature a green space that could host farmers markets and other community gatherings. Johnson said landscaping of the town square will take place this summer at the same time as walkways from the river are installed.
Those walkways will link the development to a floating dock system, also expected to be built this year, in which Missouri River boaters can dock and walk into the development, visiting the SweetWater Cafe, a coffee shop and deli that opened in the ground floor of the development's first multi-use building in 2021. As more dining options locate in Flatwater Crossing, Johnson said the docks could be a popular stop for boaters.
"We're making it interactive with the river system," Johnson said of the development, currently in phase one, which includes a 70-acre parcel containing 67 lots that will have town homes, single-family homes, commercial space and roughly 200 apartment units.
Johnson said he expects to see construction on at least six more single-family homes begin this year, along with a second building containing five town homes. That town home building will be similar to the first one completed in 2020. Of the five units in the first building, four have been sold, Johnson said.
Designers are working on a clubhouse that will be across the street from SweetWater. The clubhouse would have a community room, fitness area and swimming pool. Contractors could break ground yet this fall.
Two commercial spots remain next to SweetWater, located on the ground floor of a three-story building that contains 14 single- and two-bedroom apartments on the upper floors. Johnson said the apartments have had nearly 100% occupancy since opening two years ago.
Planning for Flatwater Crossing began in 2014 and it's expected to have 600 apartments, 400 single-family homes, commercial and retail space and parks when filled. The area is designed to have walkable neighborhoods with housing, dining and shopping in close proximity.
Abutting the Missouri River on the southeast side of South Sioux City, the $80 million development offers scenic views of the river and the Floyd Monument on the bluffs overlooking the opposite riverbank. Johnson said the development is not in the flood zone.
It's not uncommon, he said, to see people driving and walking through the development on nice days. As more buildings take shape, Johnson said he believes interest is increasing in the area and that construction will accelerate in the next couple years.
"It's getting to the point where people can see the vision here and see it's something neat, something cool, and they're taking an interest in being a part of it," he said.
