CLIVE, Iowa — 120 more apartments are coming to Clive as private developers are turning a hotel into workforce housing.
In six to eight months, the former Clive Hotel & Suites will be fully open and ready for business as The McCoy at 8035.
Located at 11040 Hickman Rd., The McCoy at 8035 feature five apartments with two bedrooms, while other units will either be studios or one bedroom apartments, according to Operations Manager Tina Smothers.
Studio apartment rent prices start at $850, while units with one bedroom will start at $925. Two bedroom units will start at $1,425. The rent price includes internet.
“With our rents on workforce housing, if the rent is $850 a month, then anybody applying to qualify would need to make three times the amount of the monthly rent for their salary," Smothers said.
Project Manager Jason Grove explained that the biggest difference between affordable and workforce housing is that affordable units are set based on the average median income, whether that means at that mark exactly or lower. For instance, rent can be set based on a certain percentage of the average median income too.
Workforce housing, on the other hand, is market-rate. However, this doesn’t always mean affordable housing is cheaper. Grove explained that, in areas with a higher median income, market-rate and affordable housing prices can be the same.
Grove told Local 5 News that the building will have a major makeover from now to its completion.
He added that the first units will be available in about a month.