$3.95M Development to be completed by winter

by Elena Schewe

City officials and members of the Wedgewood Cove Townhomes LLC broke ground Tuesday on the construction of 30 market-rate rental townhomes adjacent to the Wedgewood Cove Golf Club clubhouse.

The development will include five buildings with six 1,232-square foot townhomes in each. Each living area has been sketched to have two or three bedrooms and an attached garage.

All appliances and building materials, such as windows and siding, will be up-to-date, including dishwashers and dryers.

“Everything will already be taken care of,” said regional property manager Melissa Boik said. “There will be lawn care, snow removal. It’s all efficient.”

With an overall price at $3.95 million, Boik estimated that the homes will average around $150 for gas and electric per month. The rent will range from about $1,050 to $1,100.

Lloyd Management — a property management company that specializes in leasing and renting — was hand-picked to charter the homes.

“They do an exceptional job,” said Troy Schrom, the leader of Schrom Management.

Schrom said a team of local contractors will be united under TSB Construction for the project.

The Wedgewood Cove townhomes will be the first market-rate construction added to Albert Lea in over 30 years.

“When we were asked to come down here, it was in definite need of it,” Schrom said. “With our own feet on the ground, as far as understanding, there’s nothing like this around. I can’t wait for it to grow and help the city of Albert Lea grow with it.”

Albert Lea Mayor Vern Rasmussen compared the new addition to the missing piece to Albert Lea’s puzzle.

Schrom stated the homes could provide a critical social and group feel that some people enjoy.

The townhomes are expected to be completed in late fall or winter. Schrom said a waiting list and more information on applications for the renters will be added to lloydmanagement.com sometime this upcoming month.