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Developer proposes 12 attached, owner‑occupied homes on city lot; council sets hearing to allow option agreement
Summary
Keystone Equity Group presented a plan May 13 for a 12‑unit owner‑occupied workforce housing subdivision called Harrison Court and the council set a public hearing to consider an option agreement that would give the developer site control needed to apply for Iowa workforce housing tax credits.
A private developer asked the Ames City Council May 13 to set a public hearing on selling an undeveloped city parcel for a small, owner‑occupied workforce housing project the developer calls Harrison Court.
Brenda Dreyer of the Ames Regional Economic Alliance and partners with Keystone Equity Group presented a plan for 12 attached owner‑occupied homes (two‑ and three‑bedroom units), engineered as small duplex and triplex buildings to keep per‑unit sales prices below market. The developer estimated sales in the $245,000 to $275,000 range if the city provides the parcel at a nominal price ($1) and the project secures the state’s workforce housing tax credits — both items the developer said are essential to keeping prices at the stated level.
Council members and staff discussed zoning (planned unit development and RL zoning) and stormwater/detention requirements. Staff recommended an initial hearing to consider the option agreement (control of the site) because the workforce housing tax‑credit application must show site control; council set a hearing for later in May and approved the staff motion to proceed.
Developer JD Albright said Keystone will build all units in a single phase and that the firm has experience building similar affordable units in nearby communities. The project design includes double garages, unfinished basements, basic appliances, and owner‑occupied covenants to prevent seasonal or investor rental use. Developers told council association dues would be modest (about $900 annually) covering private‑street upkeep and snow removal, and that buyers would own each lot front‑to‑back (not a shared common yard).
Councilors asked about resale and enforcement: staff said covenants for owner‑occupancy would be recorded and that the developer must comply with workforce‑tax‑credit reporting requirements. Councilors also asked about market‑risk if demand pushes prices higher; the developer said appraisals and financing constraints tend to limit extreme price escalation, and that the tax‑credit application and the $1 land offer were central to price projections.
What council did: council voted to set the public hearing to consider an option agreement allowing Keystone to pursue the tax‑credit application and the preliminary development steps. Staff will bring the formal option language and additional engineering detail for council review prior to the hearing.
