Community Development Northwest Arkansas (CDNWA) is set to enhance affordable housing in Bella Vista with the construction of the Cottage Lane Village Apartments. This $8 million project, supported by the Walton Family Foundation, is expected to be completed by the end of 2025 (https://www.arkansasonline.com/news/2024/jul/24/developers-announce-new-bella-vista-apartment/).
Project Overview
The Cottage Lane Village Apartments will consist of 40 mixed-income units spread across five two-story buildings. Each building will house eight units, with each unit featuring two bedrooms, two bathrooms, 873 square feet of living space, and a patio or deck (https://www.arkansasonline.com/news/2024/jul/24/developers-announce-new-bella-vista-apartment/).
Location
The development will be situated on 2.69 acres at the intersection of Arkansas Highway 279 and Lancashire Boulevard, near the Boys and Girls Club and the new Bella Vista District Court (https://en.wikipedia.org/wiki/Arkansas_Highway_340).
Affordable Housing Initiative
The project includes affordable units underwritten by the Arkansas Development Finance Authority and the Walton Family Foundation. Eleven units will have significantly reduced rents, reserved for households earning less than half of the Northwest Arkansas median income. Additionally, most households will qualify for ‘workforce’ rates, offering moderate discounts from market rents (https://talkbusiness.net/2024/07/work-to-start-on-8-million-mixed-income-apartments-with-walton-support/).
Funding and Partnerships
The project is funded by Arvest Bank, the Arkansas Development Finance Authority, and the Walton Family Foundation. The development team includes Core Architects, CEI Engineering, Krein Development LLC, and CDNWA (https://www.5newsonline.com/article/money/economy/cottage-lane-apartments-village-bella-vista-affordable-housing/527-69a62cc1-9a5c-49d4-9241-15c60342864e).
Community Impact
Founded in 1991, CDNWA has grown to own and operate more than 350 rental units, focusing on affordable, senior, workforce, and assisted living housing (https://www.5newsonline.com/article/money/economy/cottage-lane-apartments-village-bella-vista-affordable-housing/527-69a62cc1-9a5c-49d4-9241-15c60342864e). The Cottage Lane Village Apartments is part of CDNWA’s ongoing effort to provide more affordable housing in the region and marks its third significant groundbreaking this year (https://www.arkansasonline.com/news/2024/jul/24/developers-announce-new-bella-vista-apartment/).
Groundbreaking Ceremony
A groundbreaking ceremony is scheduled for 9 a.m. on Tuesday, July 30, at the project site on Highway 279 and Lancashire Boulevard in Bella Vista (https://www.arkansasonline.com/news/2024/jul/24/developers-announce-new-bella-vista-apartment/).
Conclusion
The Cottage Lane Village Apartments project exemplifies CDNWA’s commitment to expanding affordable housing solutions in Northwest Arkansas. This development will provide accessible and secure housing options for more residents in the Bella Vista community (https://talkbusiness.net/2024/07/work-to-start-on-8-million-mixed-income-apartments-with-walton-support/).
