The launch of the new Victory Village apartment complex’s second phase won quick approval Thursday morning from the city of North Platte’s Community Redevelopment Authority.
Its 4-0 vote to amend the project’s redevelopment plan allows DP Development LLC to access the last $1.3 million of $2.9 million in tax increment financing approved by the City Council in February 2020.
The Omaha firm held a grand opening July 21 for Victory Village’s first 10 “eight-plex” apartment buildings on its 20.3 acres at West A Street and Lakeview Boulevard. Four “neighborhood commercial” buildings in Phase 1 have yet to be built.
Phase 2 will add five more apartment eight-plexes, with the other five still possible later, CRA attorney Mike Bacon of Gothenburg said Wednesday. He was absent from Thursday’s 10-minute session.
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If DP Development wants TIF aid for the last five eight-plexes, it’ll have to apply for more and win City Council approval, he said.
Brian Reilly, president of the Dial Companies Inc. subsidiary, wasn’t at Thursday’s CRA meeting. But “they’ve been very pleased with how quickly (Phase 1) filled up and how happy the tenants are,” said Gary Person, president and CEO of the North Platte Area Chamber & Development Corp.
“They know the demand is still great here” for more housing, he added.
DP still has “for rent” signs posted at the completed part of Victory Village, said Mayor Brandon Kelliher, who lives south of the complex at 3801 Sugarberry Court.
“Historically, they’ve been filling up the buildings a little before they’re done and people move in as soon as they’re done,” he said.
CRA member Edy Patterson asked how Victory Village’s neighbors have felt about the new complex’s presence.
From what he’s heard from them, Kelliher replied, “people are very appreciative of the wide sidewalk that’s along Lakeview now” as part of a parallel city project to widen that part of the boulevard.
“I think people are quite positive about it,” the mayor added. “The development looks very nice, and people are looking forward to having a swimming pool in the neighborhood” once it’s completed at Victory Village’s clubhouse.
CRA Vice Chairman Rob Stefka, a longtime commercial real estate agent, said it makes sense for DP to proceed more slowly with building the second half of the apartment complex.
“When you look at what’s going to happen in North Platte in the next two to three years, there’ll be more demand then than now,” he said.
In other business, CRA members voted 3-0 to assign Sustainable Beef LLC’s rights to its own TIF assistance to its lenders in connection with the firm’s planned meatpacking plant.
Panel Chairman Greg Wilke, a retired banker, abstained from that vote. The fifth member, Tim Brouillette, was absent Thursday.