Via Sunset Lofts LLC
By Tim Perry | Red Rock News
The Sedona City Council voted unanimously in favor of a resolution authorizing the city to enter into a development agreement with Sunset Lofts LLC for the development of a multi-family workforce apartment complex at 220 Sunset Dr. The city’s financial obligation, by way of a loan to the developer, will not exceed $4.2 million over two years. David Jolkovski/Larson Newspapers
The Sedona City Council took a few minutes during its Tuesday, Aug. 8 meeting to set up a potential takeover of the Sunset Lofts workforce housing project next spring.
The city of Sedona entered into a development agreement with the project developer, the MK Company of Scottsdale, on July 13, 2021, which required that the project be constructed within 24 months of the date of the agreement. At the time, the parties estimated that obtaining U.S. Department of Housing and Urban Development federal funding for the development would take 12 to 14 months and construction would take an additional 14 months, for an outside completion date of November 2023.
The development agreement expired in July 2023 without ground having been broken, giving the city the right to foreclose on the property at 90 days’ notice. Instead, the city renewed the development agreement for a shorter term with additional conditions.
