BUILDING BOOM: Local housing market hot, getting hotter | 10/22/2017
Jeremy C. Ruark, The
BUILDING BOOM: Local housing market hot, getting hotter
Perhaps the largest flood of apartments to be constructed are planned by Lincoln City developer and builder Jon Oksenholt who is planning three and possibly four sites with from 250 to 300 total units. Oksenholt said his plan could eliminate Lincoln City’s workforce housing crisis.
You may have heard the hammers and saws and seen new housing popping up in Lincoln City over the past several months.
“Building in Lincoln City is booming,” Lincoln City Planning and Development Director Richard Townsend said. “Before the boom and the crash (in the housing market) we were issuing 40 to 60 building permits annually for single family homes. So far this year we have taken in 73 building permits.”
Townsend said during the housing boom several years ago, over 140 building permits were issued annually for single family homes.
“During the recession, we only issued 14 permits in one year and for a number of years it was fewer than 20,” he said.
Townsend said he isn’t sure why the housing market is now quite active in Lincoln City.
“I don’t know if it is pent up demand from the recession or if this is just a good place to live or a combination of those,” he said.
Townsend said apartment building is also more active with developer Nathan Knott’s 30 unit, three story complex set to rise in the area of West Devils Lake and Holmes Road and 30 more apartment units proposed for the NE 39th area.
But perhaps the largest flood of apartments to be constructed are planned by Lincoln City developer and builder Jon Oksenholt who is planning three and possibly four sites with from 250 to 300 total units.
“Much of this property I have owned for many years and now its time to put it to productive use,” he said.
Oksenholt said his plan could eliminate Lincoln City’s workforce housing crisis.
“We think we can single-handedly solve this,” Oksenholt said. “If we build what we are planning to build, there won’t be any more need. We believe it is a supply and demand issue. If you increase the supply, it will take care of the issue and solve the problem.”
Oksenholt said the units would be designed as urban style living apartments with high amenities.
“We plan to do some of those on the west side of the highway with close walking distance to everything that is on the north end of the city,” he said. “We also want to cater towards the workforce, the medical employees, teachers, police, and the fire districts and we look at that as a slightly different product. We want to hit all the different sectors. The majority of the apartments would be two bedroom. That is sort of the sweet spot.
We are also looking at some smaller units. Some one bedrooms and also a few three bedrooms.”
Oksenholt said the pricing of the apartments would be based on market rates between $850 and $1,250 a month.
“What we plan to build is what I call affordable luxury,” he said. “We are going to make all of our finishes nicer than anything that anyone else is doing and still rent them at market rate. So you will get more for the same price essentially.”
Oksenholt said his company works to take a holistic view of the projects designing the apartments for high-energy efficiency and allowing more accessibility for the disabled and seniors.
“Since I am going to own them, I want them to last forever,” he said.
Oksenholt said the apartment building plans are on the fast track.
“We have hired an architect firm and they are soliciting bids for engineering proposals,” he said. “We have had several informal discussions with the city. We are trying to fast track one of our projects and we are hoping that we can begin construction of that by the beginning of the year.”
The sites for Oksenholt’s apartments are in northwest Lincoln City on the corner of NW Port and 36th Street, at NE 22nd Street and another project is set for land near Regatta Grounds Park. The fourth site project is still being discussed.
Oskenholt Lincoln City Apartments
“They are zoned outright and that is the great thing about our land,” Oksenholt said. “Absence from something being thrown up by planning or public works we don’t anticipate since they have both been very accommodating, we are ready to go.”
“These apartment projects will be a big step in the right direction,” Townsend said. “There is a tremendous need for affordable housing of all kinds in Lincoln City. Multiple family housing is one of the biggest needs. There is still a need for single family homes, but affordable rentals are a huge need.”
Townsend said he sees no barriers that could stall Oksenholt’s apartment building plans.
“As long as he meets our standards there should be no real issues,” Townsend said. “The pricing is about right. There is a strong market in that range, so people should be able to afford them.”
Apartments in Progress
SOUTH BEACH With housing, especially rentals, in short supply, Oksenholt Companies is looking to relieve some of the demand in the coastal community. As a result, the company plans to build 28 boutique apartments for rent in the Wilder development in South Beach.
The company broke ground two weeks ago on the apartments, and plans to have the first units ready for renters in April or May of 2017.
Sports Lincoln County
Oksenholt Construction fought its way back through the loser’s bracket Saturday to avenge its first loss of the season with two must-win victories over Shuckers Oyster Bar to win the Lincoln City Adult Co-Ed Softball League championship.
