(Above) The Northland Glass property at 305 1st Ave. S., has been sold for redevelopment.
Waterloo developer plans more rental housing for area
by Marianne Gasaway
A downtown business location has been purchased and is being eyed for a rental housing development.
Jim Sulentick and Brent Dahlstrom, Cedar Falls/Waterloo, Iowa developers, have purchased the Northland Glass LLC property at 305 1st Ave. S. from Larry Willsher. The two men are planning to construct rental housing on the approximate half-acre site.
The Clear Lake City Council has set a public hearing for Monday, Nov. 5, to consider a rezoning request for the property.
City Administrator Scott Flory told the Council the residential-type project he has seen from Sulentick informally would be meeting a need in the community. He noted the property would take a significant jump in its assessed value with the proposed housing development. It is currently assessed at about $140,000.
Sulentick said Hi Yield LLC expects to make an investment of $4 million to $5 million on the property, but declined to discuss specifics of the project.
“We tried to acquire the warehouse beside the property, but were unsuccessful. That would have made it two times larger,” said Sulentick.
According to Cerro Gordo County property transfer records, the property was purchased March 1 for $225,000.
A few months ago Sulentick and Dahlstrom, identified as Echo Development, purchased property located on South 15th Street from the City of Clear Lake to also build rental housing units. The plan was heralded by not only city officials, who had specified their wish for market-value rental housing to be built on the site, but also local businesses who said their employees have difficulty finding suitable family housing in Clear Lake.
Sulentick and Dahlstrom, as Dolly James, LLC also purchased Sunset School from the Clear Lake School District this year with similar plans for housing. The developers have agreed to allow the school district to use the property for as long as needed before they take possession. An addition to Clear Creek Elementary School is currently under construction to make room for preschoolers to re-locateTo read more of this article, please login or sign up for our E-Edition