Getting a buyer to sign is often the hardest part of a new housing development. In Atlantic, a local bank is trying to make that easier at Camblin Hills.
First Whitney Bank & Trust is offering a 5.25% introductory interest rate for the first 62 months on qualifying mortgage loans for homes, condos and lots purchased in the Camblin Hills Development, according to Western Iowa Today.
Vision Atlantic President Nick Hunt told the station that's two percentage points lower than the normal rate. He said that on a $300,000 home over 62 months, a buyer could save up to $31,100.
What's for sale
According to Western Iowa Today, the development currently includes:
- Homes: 17 homes available for purchase.
- Condos: 14 condos in progress.
- Lots: 26 residential lots available for future construction.
Residential lots are priced from $69,000 to $79,000, and buyers can bring their own builder. Hunt said the special financing gives buyers another option at a time when there are many ways to make Camblin Hills home. He said construction is underway on three custom homes. Additional homes are under construction, and early buyers may still be able to make selections and choose finishes.
Hunt said the partnership with First Whitney will help take Camblin Hills "to the next level." He said the investment creates more opportunities for potential homeowners and shows what local organizations can do when they work together to support Atlantic's growth.
First Whitney Bank & Trust President Paul Gude said the goal is to remove barriers for people looking to buy a home, condo or lot while investing in Atlantic's future. He said quality housing benefits the whole community, including local businesses and schools.
Buyers can contact any of the three local real estate brokers representing properties in the development: Meyer and Gross Real Estate Co., Property Connection Real Estate and Atlantic Home Realty.
The bigger picture
Camblin Hills is a big project for a town of Atlantic's size. According to Vision Atlantic, the 49-acre development along Olive Street between 17th and 22nd streets will bring 142 new homes to the community. It's a partnership with the Community Foundation for Western Iowa and the Charles E. Lakin Foundation.
Plans call for a mix of townhomes, condos, single-family homes and custom-build lots, along with a family-friendly park and a biking and walking trail. The future Lakin Foundation Child Development Center of Atlantic is planned just steps away.
In January, then-Vision Atlantic President Christina Bateman told Western Iowa Today that the project included 48 units in 2026. Ten of those were tiny homes owned by Vision Atlantic and rented out Airbnb-style. At that time, flooring was going into the condo units, and local contractors were making progress on the tiny homes. Bateman said favorable weather had helped crews make significant progress since the start of January.
She also said fundraising was ongoing to secure a Lakin Foundation grant for a 300-capacity child care center and YMCA expansion project, with Vision Atlantic needing to raise between $5 million and $6 million to meet that goal.
Bateman described the 17 smaller single-family homes as ranging from 1,250 to 1,350 square feet on the main level, each with a two-car garage. She said the larger custom-built homes would have 1,800 to 1,900 square feet on the main floor, three-car garages and unfinished basements.
Atlantic was also one of four towns to receive a $50,000 Rural Innovation: Housing 2.0 grant from the state on Oct. 13, though the state's announcement didn't describe the city's project.
Why it matters for Contractors
The most useful detail for builders is that Camblin Hills buyers can bring their own builder. With 26 residential lots available and a bank offering a lower intro rate on lot loans as well as home loans, local contractors who build custom homes now have a ready-made sales pitch for customers looking at Atlantic. The three custom homes already under construction, along with 14 condos in progress, also mean steady work for framers, roofers, electricians, plumbers, HVAC crews and finish trades in southwest Iowa. Builders interested in Camblin Hills should talk with the brokers listed above about available lots, and with Vision Atlantic about the rest of the 142-home plan. No single general contractor has been named publicly for the development as a whole.