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Still Water Crossings: apartments financing still holds up bonds; convenience-store deal near completion, developer says
Summary
Developer update: north-side approvals are largely complete but apartment financing remains the gating item for bond issuance and for moving earth; a near-term contract with the Irwin brothers for a 2-acre convenience store is expected within 30–45 days, and Story Point has taken over Randall operations while villas are delayed.
A Still Water Crossings representative briefed council on development progress and financing hurdles that continue to gate construction activity across the project’s north and south sides.
“On the north side my understanding is that council’s action is I think largely if not 100% complete. We are simply working through some of the financing for the commercial portion of the project,” the representative said, explaining that apartment financing (including a USDA pathway that paused during the federal shutdown) is the crucial step to trigger bond issuance and the earthwork that would move material from the south side to prepared pads on the north side.
Staff and the developer discussed logistics and sequencing. The representative said Ryan Homes has a signed contract for 112 single-family sites, and Centerstone Homes remains planned for additional units. He reported preliminary commercial interest from a grocery operator but noted that such prospects depend on rooftops and construction momentum.
On the south side the representative said a 2-acre convenience-store contract with the Irwin brothers is near finalization, but contractors have uncovered rock in excavation tests requiring final bid adjustments; the team expects to finalize the contract in 30–45 days. He also described negotiations over a business-owners association and shared-maintenance expectations for future retail parcels.
Council members pressed for a plan to pave existing residential streets before heavy construction resumes so current residents are not left with extended unpaved conditions; staff proposed a staged approach that paves most streets while reserving roadway frontages of active construction lots. The representative agreed that moving the apartment financing forward would enable bond issuance and then dirt movement and larger construction work.
Other project items: a contract with Ryan Homes is in place but lots are not yet sold; Story Point has acquired Randall operations which delays villas but 16 of 22 cottage units are complete and occupancy is high; staff will continue to coordinate permitting, right-of-way needs and property-owner negotiations and will report back on financing progress.
