HEDC Mixed-Use Development Property
Thank you to our members for making the purchase of this property possible!
The Hastings Economic Development Corporation has purchased and is seeking to develop 93 acres in north Hastings. The property consists of a single family residence and an abandoned farmstead located at 33rd Street and Osborne East as well as the accompanying 90 acres +/- of farm ground.
The objective of the development project is to bring to market property to encourage commercial and retail development, hospitality, multi-family housing, single family homes, and senior and/or student targeted housing. The Hastings Economic Development Corporation will serve as master developer for the site, and it will work to recruit private investment opportunities to undertake site-specific ground-up developments.
At full build out, HEDC would like to see 60+ single family home lots, 200-300 units of multifamily housing, approximately 15 acres available for retail and commercial development, and 10+ acres for senior housing or another campus-type targeted residential development.
The above image is a conceptual design.
HEDC intends to pursue and finalize municipal partnerships for infrastructure installation in 2017 Q1 and Q2. A true development timeline for the site will be highly dependent on the structure of a potential infrastructure financing arrangement with the City of Hastings. A probable schedule looks as follows:
2017 Q1 – Due Diligence (Blight Study, Phase 1, and Survey Completed)
2017 Q2 – Acquisition, Site Planning, Developer Recruitment (Acquisition Completed)
2017 Q3 – Site Planning, Developer Recruitment, Targeted Demolition
2017 Q4 – Developer Recruitment, Site Grading, Potential Phase 1 Infrastructure
2018 Q1 – Developer Recruitment, Phase 1 Infrastructure
2018 Q2 – Phase 1 Infrastructure, Phase 1 Construction (Developer Dependent)
2018 Q3 – Single Family Residential Infrastructure Planning/Installation
2018 Q4 Forward – Developer Recruitment and Build out of Commercial and Residential Lots
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