COPPERAS COVE — Another red-brick apartment building is slated for Constitution Drive if all requirements are met by the developer, resulting in about 70 units of additional income-based housing for Cove residents.
Emanuel Glockzin Jr. of Brazos Valley Construction Inc. purchased the property from the Copperas Cove Economic Development Commission, but with the contingency that he obtain the necessary tax credits.
The selling price was $493,000, which was the independently appraised amount.
The proposed apartment complex will be built adjacent to the low-income apartment complex built in 2010 by Brazos Valley Construction. It will offer 72 units compared to the 108 units in the first complex.
“We could stand to add some additional units, but that’s all the land left on that side,” Glockzin said.
Glockzin is in the process of acquiring enough points to be selected by the Texas Department of Housing and Community Affairs to build the complex.
He said only two or three developments will be chosen statewide based on available remaining tax credits.
The state ranks each project based on need, city participation, comments of elected state representatives, letter from a lending institution regarding the builder’s financial backing and other scoring items.
On Tuesday, the Copperas Cove City Council passed a resolution authorizing the city manager to enter into an agreement to provide a demand letter of credit, which awards Glockin more points toward his application.
Glockzin said the closing date for the application with the state is Feb. 28.
He should definitely know by mid-April if Brazos Valley Construction was awarded the project.
The proposed second complex will offer one-, two- and three-bedroom apartments. The rent for a two-bedroom apartment will average $550.
Glockzin said of the 72 units, the complex will include a few “market rate” units at $1,000 per month.
“It’s part of the scoring process. The state likes to see market rate units blended in to keep the quality of the renter up and also qualify for military personnel,” Glockzin said. Polo Enriquez, executive director of the Copperas Cove Economic Development Corporation, said the EDC Board of Directors and staff are grateful for Glockzin’s willingness to continue to invest in the Cove community.
“This housing project will help in many ways. First, people living in the complex will have plenty of shopping within minutes of their homes. Then, as we move forward with the opening of the business park across the street, we will create job opportunities for the residents,” Enriquez said.
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