Cooperative housing for older adults coming to Ingersoll
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A rendering of Artessa. Photo: Courtesy of Lifestyle Communities
A new 55+ cooperative housing development is planned alongside 31st Street and Ingersoll Avenue — bringing a shareholder-housing model that's different from traditional condos and rentals.
Driving the news: The Artessa will include 52 multi-family units and six townhomes on a parcel next to Chase Bank.
- Minneapolis-based Lifestyle Communities is developing the project as an option for older adults who want to downsize without homeownership responsibilities.
How it works: Instead of purchasing a unit outright, residents buy a share in the cooperative, which grants occupancy rights, Dena Meyer, president of Lifestyle Communities, tells Axios.
- Residents collectively own the building and elect a board to make decisions about the community, such as future tenants, landscaping and how the building is run.
- Maintenance is handled by property management.
- "It really is a true sense of community," Meyer says. "A lot of like-minded individuals living in one neighborhood under one roof."
Details: Residences range from 1,172 to 1,868 square feet, and share prices start at about $263,000. A monthly membership fee starting around $2,500 is also added based on unit size, but Meyer says it includes major cost of living expenses like property taxes, insurance, TV and internet, maintenance, water and sewer costs.
- Amenities include a rooftop deck, fitness studio, creative workspace, lending library, heated underground parking, EV charging stations and a pet wash area.
What's next: Construction will begin once 50% of the units are pre-sold.
- Meyer expects that to happen later this year, with a 14-month construction timeline.
