A new hotel and apartment complex will bring a major boost to downtown Owatonna. The projects, both being developed by Hamilton Real Estate, will be built at the same time starting early summer of '21 and will infuse $25M into a 1 block area of Pearl and Cedar. Shadowed by the big hotel announcement, the apartment building on Pearl Street completes a several year vision started by the city of Owatonna when they purchased and tore down the houses on that block.
Housing continues to be a need, according to the 2020 Housing Study, Owatonna will need a mix of housing totaling 1,100-1,200 units over the next 5-10 years.
Hamilton's proposal is to construct the 37 unit apartments at the same time as the hotel across the street. The apartments will bring additional market rate rental housing to the community and additional residents in the downtown area. This will be the fourth apartment project done by Hamilton in Owatonna with another successful downtown apartment building at 111 E Vine Street and two apartments, South Pointe I & II on 18th Street.
The developer continues to invest time and money into the community. He says the business friendly attitude of the city makes it a great place to develop projects, giving specific credit to Community Development Coordinators Troy Klecker and Greg Kruschke. At a recent city council meeting, Hamilton thanked the council for their support of the projects.
The apartments and hotel are expected to start in 2021 and complete in June of 2022.
Our Chamber has approximately 530 members that invest their resources, employee volunteerism and confidence in the Owatonna Area Chamber of Commerce & Tourism and the business community.