Article

Attend Draft Housing Study Informational Session for Real Estate and Development Biz

Sinclair Lewis House in Mankato via Wikipedia

Mankato Gazette—The City of Mankato announced an event. It is an informational presentation for real estate/land and property developers as well as lenders and landlords. Other companies are also encouraged to attend such as property management companies to discuss the draft housing study completed by a group called Community Partners Research. The researchers are based in Lake Elmo, MN.

The event will take place at 7 p.m., Monday, July 18 in the Mankato room. This is the Mankato City Council chambers in the Intergovernmental Center at 10 Civic Center Plaza.
You can park in the ramp for this event. You are invited to review an update of draft housing study.

Contact the City of Mankato for more information about this event. Mankato has an increasing need and demand for more affordable housing. Some projects are starting and the available land is quickly being swallowed up. Much of the commercial land is also being purchased. Many of the areas that used to be cornfields in the area are now making way for new real estate development for family homes, multiunit housing (apartment buildings) and businesses. Strip malls are also being added, such the the one on Augusta Dr., which is home to a handful of small businesses. Many homes have been built out near that stretch of Hwy. 22 on the north side of the hilltop that intersects with Victory Drive and is home to some tech, agriculture, financial, government and manufacturing groups.

The Greater Mankato Area is also home to several colleges: Minnesota State University, Mankato; Bethany Lutheran College; South Central College (North Mankato); Rassmussen College; Gustavus Adolphus College (Saint Peter); and Martin Luther College (New Ulm). The main highways into Mankato are Highways MN 14, US 169 and MN 22. Rassmussen recently built a new campus on North Victory Dr. and MNSU has continually been expanding. Mankato continues to economically benefit from mainly retail, manufacturing, agriculture, health care and services.

The city has also invested in the downtown area to revitalize it along with Old Town, which is the next phase of development for the city. Meanwhile, more housing is needed for the growing city, which has surpassed 50,000 residents. Its MSA includes around 100,000 people in the surrounding area. All that growth means an increase in demand for housing. Several budding young and older entrepreneurs alike have been investing and cashing in on the city's potential in the housing market. Many of them started by simply investing in fixer-uppers and converting them for use as multitenant college houses. This is profitable for the investors. These often older large homes sometimes house four or five students who live as roommates. The Craigslist ads can be annoying for a new resident simply looking for a place to rent for themselves or their family. That is because ads are generally price by the room rather than the full rent value of the home. College housing is the major investment housing market in the city for converted properties, but the same ads are used with apartments as well, even in the newly built units. It's kind of like buying airline tickets.

See the Mankato Gazette Zoom Village site below for the announcement from the city.

Mankato Gazette News: 

Online Mankato Newspaper