- Excellent Multiyear Leasing Velocity
- Opportunity Zone & Incentive Potential
- Strategic Location & Growing Community
- Healthcare & Manufacturing Growth
- Brand New Construction
- Flexible Development Opportunity: Multifamily, BFR, Assisted Living, & More
- Debt-Free Ownership & Financing Strategy
Excellent Multiyear Leasing Velocity
The property is 47% leased/preleased. The majority (two-thirds) of the leases are multiyear, with an average term of three years. Annual 3% rent bumps are included in all multiyear leases. Certificates of Occupancy for the final units will be received in March 2024.
Opportunity Zone & Incentive Potential
Situated within an Opportunity Zone, the project allows for temporary deferral of taxable gains and the elimination of taxing liability if the investment is held for at least 10 years. (Consult a tax professional for advice on your specific strategy.) Current ownership is open to re-investing proceeds from new partners’ investment into another development project, preferably another opportunity zone. Additionally, the development is part of Kansas’s Reinvestment Housing Incentive District which functions like a TIF. The land acquisition and infrastructure are reimbursable expenses that will be repaid via the incremental increase in the property taxes over a 25-year period. Ron Scripsick, a local businessman with 50% ownership, adds invaluable local influence.
Strategic Location & Growing Community
Pittsburg’s strategic location and proximity to major metropolitan areas position it as a burgeoning community. Within 125 miles of major metropolitan areas, Pittsburg boasts a thriving community with Pittsburg State University, manufacturers, and robust healthcare services. The Villas at Creekside is only 1.5 miles from the city center. Growth meets opportunity at the Villas at Creekside!
The March 2023 issue of Site Selection Magazine ranked Pittsburg in the top sixteen percent of all micropolitan areas nationwide as a business location. The recent widening of US-69 and its connection to the US-400 corridor has the potential to make Pittsburg a local-regional-national transportation hub, attracting commercial activity, manufacturing, and warehousing.
