SLK Capital Holdings, LLC, is proposing a new multi-family, senior, affordable housing development in Oberlin. The project was recently introduced at a Feb. 18 public hearing, during which City Council members and residents had the chance to review the initial proposal and discuss its implications for the community.
According to Carrie Porter, the planning director for the City of Oberlin, the development is slated for a property at 450 West College Street.
“The main purpose of the project is to create affordable housing for Oberlin seniors,” Porter wrote in an email to the Review. “We don’t have this type of housing here, and seniors are staying in their single-family homes because they have nowhere else to move that is both affordable and accessible.”
By offering a tailored housing option for seniors, Oberlin officials expect the project to free up existing single-family homes as residents downsize. This, in turn, may attract new families to the area, boosting local businesses and contributing to economic growth.
“[The addition of] more families should have a positive impact on local businesses as more money should be spent by more residents,” Porter wrote. “We need to make sure through the design of the development that adjoining properties would not be negatively impacted.”
Councilmember Kristin Peterson, OC ’72, also sees this as an opportunity to create movement in the local housing market.
“If that option becomes available, more homes around town would become available for younger families to purchase,” Peterson wrote in an email to the Review. “There will also be smaller homes built at the old Green Acres site, which may be attractive to some senior residents looking to downsize.”
The proposal calls for a balance between affordability and quality, a key concern for both the developer and the city. Porter points out that Oberlin will thoroughly review the development plans to ensure that they meet local standards, while the affordability component will be regulated by the tax credit program that SLK Capital plans to use for financing. At this stage, it remains uncertain whether sustainable design elements, such as energy-efficient construction or green spaces, will be incorporated. However, Porter anticipates that these aspects will come into sharper focus once SLK submits more detailed development plans.
Before any ground is broken, the project must clear several protocols and procedures. The next step is for SLK Capital to submit a preliminary development plan to the Planning Commission. Porter estimates that the commission could begin its review in May or June of this year. Once the Planning Commission evaluates the plan, it will make a recommendation to the City Council on approval. Agendas and site plans regarding the approval process are available on the city’s website or at Commission meetings. Peterson also encouraged residents to stay involved as the project moves forward.
“Council Meetings and Board and Commission meetings are all open to the public, are recorded with video available online, and have minutes posted as well,” Peterson wrote.
As discussions proceed, the development team and city officials acknowledge that community feedback will be crucial to address any concerns about the project.
