Developer withdraws plan for 250 Geneva apartments
Cornerstone Housing Group LLC formally withdrew its zoning application for a 250-unit complex for the southwest corner of East State Street and Kirk Road in Geneva, records show.
In a May 10 letter, Vice President of Development Brad Schwab wrote that "an affordable housing development … is not financially feasible at this time."
"While we regret this decision, our goal to deliver high-quality and much-needed affordable housing in the city of Geneva remains undeterred," Schwab wrote. "As such, we look forward to another opportunity to work with you again soon."
The project, submitted in March, had not yet been reviewed by the planning and zoning commission.
Cornerstone Housing is based in Omaha, Nebraska.
The proposal had been for 148 two-bedroom apartments, 69 one-bedroom apartments and 33 studio units on 11.6 acres, documents show. It would have offered 60 enclosed garages and 354 off-street parking spaces in a four-story complex in an H-shape.