The City of Redwood Falls, in partnership with Redwood Falls Industries, announces a proposal to acquire two parcels of land for future housing and industrial growth.
The Redwood Falls City Council approved a proposal from Redwood Falls Industries that results in the purchase of two parcels totaling more than 300 acres for new housing and industrial development projects.
Both parcels are located near the southeast quadrant of Redwood Falls and are well situated for development.
The City of Redwood Falls recently published the city’s 2035 comprehensive plan that serves as a guide to achieve sound and successful public and private investments for the development of the city. Data from the comprehensive plan and other sources indicate the low inventory of available residential building lots limits the construction of new single-family homes.
Likewise, the Redwood Falls rental market has an occupancy rate of approximately 96.7 percent, which indicates a strong need for additional rental properties. The comprehensive plan outlines goals and strategies, including the need to develop a new housing subdivision to meet housing demands.
As stated in the plan, “Redwood Falls needs to continue to retain and attract residents, which cannot be done without offering a variety of housing options.”
“Shortage of housing is a crisis for rural Minnesota. Today the city council took an important step to address this crisis,” said Tom Quackenbush, Redwood Falls mayor.
The comprehensive plan also addresses the necessity of developing a new industrial park in order to strengthen and diversify the economy by retaining and attracting businesses that offer quality employment.
“The ability to address both the housing shortage and provide for industrial growth is a win-win for our residents and business community,” said Quackenbush.
In an effort to help assist the city achieve the goals identified in the comprehensive plan, Redwood Falls Industries initiated efforts with a landowner and subsequently approached the city with a proposal to acquire the necessary property.
“Redwood Falls Industries is pleased to partner with the city to initiate a development opportunity that addresses the long-term needs of our community,” said Rick Thielen, Redwood Falls Industries president.
Funding for the land purchase will come from a portion of the proceeds retained from the ownership transfer of the Redwood Area Hospital to Carris Health.
The Redwood Falls city council previously designated the funds to be used for capital projects that would be an investment in the growth and development of the community.
Acquiring the housing and industrial development sites fulfills the council’s intended purpose for the funds.
The next steps in this process include completing an engineering analysis to determine cost estimates and infrastructure design with site planning and preparation beginning in Spring 2021.