Kraewood Development

Overview

Rebound Real Estate and partners applied for and received approvals of: preliminary plat, rezoning of two parcels, tax increment financing, and final plat between June 2021 and April 2022. The approved development, known as Kraewood, is located on property previously known as the Paulson Christmas Tree Farm.

The development will create 30 residential lots comprised of single family, two-family, a tri-plex and an apartment complex. Final plans were approved by the City in 2022 and the project is being developed by Sumac Properties, LLC.

Construction

  • One 106-unit apartment building
  • One tri-plex
  • Two twin homes
  • 22 single-family homes
  • Other site improvements such as
    • Open/recreation space
    • Storm water management facilities
    • Streets, sidewalks and trails and connections
    • Lighting
    • Landscaping
    • Wastewater infrastructure
    • Other utilities.

Location

The property is located west of Linden Street North and situated between Greenvale Avenue and Lincoln Parkway.

Kraewood Proposed Plat

Timeline

Dates are subject to change.

  • Summer to fall 2023 — construction of infrastructure
  • Winter 2023 to spring 2024 — construction of model homes and first single-family homes; construction happening as homes are purchased
  • March or April 2024 — occupancy of Kraewood Flats apartments

Final plat and construction plans

Kraewood Development Final Plans (PDF)

Development agreement

As part of the approved development agreement the following rules apply to site development:

  • Construction access to the site is restricted to Lincoln Parkway and Greenvale Avenue
  • Developer is responsible for erosion control
  • Developer is responsible for street maintenance until turned back to the City, including providing signage for detours or hazards, when necessary
  • Adequate on-site parking for construction vehicles and workers must be provided or provisions must be made to have workers park off site and be shuttled to the project area. No fill, excavating material or construction materials can be stored in the public right-of-way
  • Hours of construction, including moving of equipment, are limited to 7 a.m. to 9 p.m. on weekdays and 9 a.m. to 9 p.m. on weekends 

Replacement trees

The land development code (LDC) in city ordinance requires trees to be replaced if removed for a project. All trees removed are replaced based on the diameter of the tree. The Kraewood Development replacement trees will all be planted on site as development occurs. See the landscape plan for information on species and planting location.

Landscape Plan (PDF)

Tax increment financing (TIF)

Tax increment financing (TIF) is a way to redevelop areas with substandard buildings, build housing for low-income and moderate-income families, clean up pollution, and/or finance public infrastructure.

A TIF application was approved by the City Council to assist with development costs for the proposed apartment complex parcel. The apartment will provide 40% of the units at rates for persons earning 60% of the adjusted median income in Rice County.

The developer incorporated aspects of the city's new Sustainability Building Policy as part of the TIF request.

A TIF district is created to “capture” additional tax above the original tax rate before the property is developed. The additional “captured” tax is returned to the developer to pay for part of the development cost.

Learn more about tax increment financing

Resources

Comprehensive Plan

Land Development Code

City Code

More information

Kraewood Flats

Kraewood single, duplex and triplex homes