Community Development Northwest Arkansas Expanding Affordable Housing in Bella Vista

Bella Vista, Ark. – Community Development Northwest Arkansas (CD NWA) announced the groundbreaking for the Cottage Lane Village Apartments, a new 40-unit mixed-income development in Bella Vista. This project is part of CD NWA's ongoing effort to deliver more affordable housing in the region and marks its third significant groundbreaking this year.

The new development features five apartment buildings, each with eight units. All units have two bedrooms, two bathrooms, and 873 square feet of living space. The total development area spans 2.69 acres.

Cottage Lane Village Apartments includes affordable units underwritten by the Arkansas Development Finance Authority and the Walton Family Foundation. Eleven units will have steeply discounted rents and be reserved for households earning less than half the Northwest Arkansas median income. Most households will also qualify for "workforce" rates, offering moderate discounts from market rents.

Located on HWY 279 and Lancashire near the Boys and Girls Club and the new Bella Vista District Court, the development offers convenient access to local amenities. Each apartment will feature a patio or deck, enhancing the living experience for residents. The project will sit across from the existing affordable housing community, Cottages at Highlands Crossing, also owned by CD NWA. This new development is significant as it is the first new multifamily community in Bella Vista in many years, providing much-needed maintenance-free housing options for residents.

This $8 million project is expected to be completed by the end of 2025. The project team includes CORE Architects, CEI Engineering, Krein Development LLC, and CD-NWA. Arvest, Arkansas Development Finance Authority, and The Walton Family Foundation are funding partners.

"The Cottage Lane Village Apartments project demonstrates our dedication to expanding affordable housing solutions in Northwest Arkansas," said Casey Kleinhenz, executive director of CD NWA. "We are proud to contribute to the Bella Vista community and provide more residents with accessible and secure housing options."

The groundbreaking ceremony will be held on Tuesday, July 30th, 2024, at 9:00 a.m. at the project site on HWY 279 and Lancashire in Bella Vista. CD NWA representatives, a speaker from the Walton Family Foundation, and the Bella Vista Mayor are scheduled to speak, followed by a small reception with refreshments.

Information courtesy of AM Group.