Springfield City Council approves loan for Nordic Landing apartments on Grant Avenue Parkway
Council voted 8 to zero on Monday night to extend a $300,000 dollar low-interest loan to a mixed-income apartment building, signaling city support for the $9 million Nordic Landing redevelopment plan.
Nordic Landing is located near the Grant Avenue Parkway redevelopment project announced earlier this year.
Debra Hart is the project developer.
“I think the project itself is going to be beneficial because Springfield, like all communities across the country, are desperate for affordable housing options for our citizens,” she told KSMU shortly before Springfield City Council voted to extend a low-interest loan to the $9 million project.
Hart said eight of the 41 Nordic Landing apartments will be set aside for youths aging out of the foster-care system, and other apartments will be available at reduced rents for people earning less than area median incomes.
The property is one that’s been considered an eyesore by nearby residents. The area was formerly known for squatter activity.
“It’s going to clean up really some terrible structures that have been there some time. Most recently one exploded and burned — so I think it tells a really good story for the neighborhood,” Hart said.
She said Nordic Landing will be the first economic redevelopment project on Grant Avenue Parkway. Construction will take 14 months.
The project is currently under a federal environmental review. Hart said construction is likely to begin soon — or next spring — depending on how quickly that review goes.