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Developer says five more condo sales needed before Storm Lake 'Breeze' project can finance phase 2
Summary
Sean Fouch, developer of the Breeze at 201 Sunrise Park Road, told the council phase 2 is estimated at about $12 million and that selling roughly five more units would restore lender confidence and allow full-scale construction to begin within about a year of financing approval.
Sean Fouch, the builder and developer of the multifamily project known as the Breeze (201 Sunrise Park Road), briefed the council on July 20 about the status of phase 2. He said phase 1 produced 51 units — 26 sold and 25 retained as rentals — and that the second phase is currently estimated at about $12,000,000. “At the moment, phase 1 is complete with 51 units constructed. We sold, I believe, 26 units ... So at the moment, we are 5 units short,” Fouch said, adding that selling those five units would put roughly $2 million back into the developer’s coffers and help convince banks to finance the next phase.
Fouch described ongoing preparatory work (underground utilities, concrete repairs and site improvements) funded by the developer and said the timing for full-scale construction depends largely on market conditions and sales. He told the council the tax-abatement/TIF schedule runs out around 2037 or 2039 — a range he cited uncertainly — and that some units have been on the market or available for up to three years. Council members asked about the TIF/abatement window and construction timeline; Fouch estimated approximately one year of construction once financing is secured. The council did not take action on the developer report; the update was informational.
