Emtman concern to develop townhomes
Construction set to begin soon on second phase of Takoda Park projectFebruary 16th, 2012
Takoda Park LLC, a Cheney-based development company owned by former NFL football player Steve Emtman, plans to start work this month on the first eight townhome units in a 39-home second phase of development at the Takoda Park neighborhood, on the West Plains.
Also, a separate company in which Emtman is involved, Cheney Properties LLC, received approval last month for a third phase of development, to be called Takoda Park West.
The subdivision is located on about 20 acres of land east of the Interstate 90-Medical Lake interchange, near the southeast corner of Thomas Mallen and Hallett roads, and is expected to include a total of 101 homes when completed.
Community Frameworks, a Spokane-based affordable housing nonprofit, is developing all 24 lots in the first phase and 11 lots in the second phase. Emtman's entities are developing the other 28 units in the second phase and all 38 homes in the third phase.
Emtman says the first eight living units will be patio homes with about 1,400 square feet of living space and will have four bedrooms and three baths. They will be priced at around $150,000 each, placing his company's portion of the second phase at a total value of about $4 million.
The eight new patio homes are expected to be ready by June or July, he says. Emtman plans on building the remaining 20 patio homes in Takoda Park by later this year or early next year, depending on interest in the market, he says.
Community Frameworks started work in 2009 on the Takoda Park first phase, which will have a total of 24 homes. The houses there are priced at $150,000 to $165,000. John Fisher, a senior housing developer for the nonprofit, says 14 of those 24 homes have been completed.
The remaining 10 homes will be built as the nonprofit finds qualified buyers, he adds.
The Takoda Park West phase calls for two single-family houses, 16 duplex units, and 20 townhouses. Altogether, the third phase would have an estimated value of about $6 million, Emtman says.
He says he hopes to move forward with Takoda Park West next year or by early 2014.