Moving next year from Fridley, MN, Thor Construction Inc. said the new company, Sm+rt Homes, will bring in modular homes that fit into the urban landscape at a savings of up to 25 percent over traditionally-built homes, according to startribune‘s report to MHProNews..
With housing costs rising on the north side, Realtor Constance Vork is very approving of the plan, saying she has seen good quality modular homes and inventory of houses to sell is low. Noting her agency had three listings sell the past week on the north side, she said, “All three sold for over their listed prices of $150,000. We just don’t have enough houses to sell.”
Thor CEO Ravi Norman and construction manager Gary Findell said the high energy efficiency homes, together with the land, will sell for $180,000 to $240,000, compared to over $300,000 homes in the neighborhood from site built developers.
City of Lakes Community Land Trust’s Jeff Washburne, who with his company helped 40 North Side families achieve homeownership last year, said $180,000 is still too expensive for many of the North Side people, but perhaps they can obtain “affordability gap” money. He is very curious to see what the new homes will look like.
Thor’s Norman wants to build a new $30 million headquarters, and intends to spur economic development in the area through private investment and provide quality, needed housing in an urban area.
While these homes will be built by Dynamic Homes of Detroit lakes, MN, Norman suggested he might open a modular housing factory on the North Side. ##
(Image credit: Twin lakes Homes/Jennifer Hoffman)
