With home sales lagging in his Lakeshore Cove subdivision, developer Ken Howell will use part of his 102-acre site in Fort Oglethorpe to build the city’s biggest and most luxurious apartment complex.
Howell gained approval for a zoning change from the Fort Oglethorpe City Council last week to proceed with plans for a $20 million apartment complex on 18 acres next to Chickamauga and Chattanooga National Military Park.
If financing can be arranged and the final plans approved by the city, Howell said construction could begin in three to four months on the proposed 322 apartments. Grouped in 14 buildings, the development would include one-, two- and three-bedroom apartments likely renting from $750 to $1,100 per month.
“The economy has obviously changed,” Howell said. “Thirty five percent of the people who could qualify to buy a house in 2007 don’t qualify today, so an apartment complex like what we plan to build can provide people a nice place to live, maybe while they are waiting to buy a home later.
“We’ve had so many foreclosures in Catoosa County and a lot of people have lost their home and obviously need a place to live, so our study has shown there is a definite need for more apartments in Fort Oglethorpe.”
Howell started on his 102-acre Lakeshore Cove subdivision in 2006. Of the 227 lots in the single-family home complex, Howell said he has sold 48 lots. Houses have been started on 37 of the lots.
“We originally laid out the land as residential, but obviously the outlook going forward has changed,” he said.
Fort Oglethorpe Mayor Lynn Long said the council welcomes the development even though the city’s planning commission initially recommended against the zoning change.
“When you invest $20 million and create the jobs this will bring during construction and create new homes with this type of rental income, this isn’t bad for anyone,” Long said.