by Josh Heck
Developer Jason Van Sickle has finalized a development agreement to build a roughly 300-unit apartment complex in Newton.
The Newton City Commission approved the agreement last week.
Van Sickle, through his J Van Sickle & Co., is buying 15 acres of city-owned property on the south side of Newton's First Street, west of Boyd Street.
Van Sickle will pay the city $225,000 for the property, a cost that will be paid in three phases as the project develops.
Van Sickle isn't seeking incentives or tax abatements for the project.
The development agreement is essentially the same as the letter of intent the City Commission approved in August to sell the property.
Van Sickle plans to build three apartment buildings, consisting of about 95 units apiece.
The estimated project cost will be around $30 million.
Van Sickle announced in 2013 his intention to build an apartment complex in Newton.
He is targeting an April construction start on the first phase of the project.