BRANSON, MO.—The largest affordable, workforce-targeted housing project in the United States to be completed entirely without federal funding or tax credits has entered its final renovation and construction phase.
Plato’s Cave in Branson, Mo., built on the shell of a former Days Inn property, is expected to be open with its 140 efficiency and one-bedroom units by summer 2020 and eventually be fully occupied for its total 341 units.
“There is tremendous nationwide demand from workers, employers, owners of distressed properties, and investors for commercially viable answers to today’s marketplace challenges,” said Richard Rubin, CEO of Repvblik LLC. “Repvblik’s approach to the adaptive re-use of distressed properties is helping forward thinking communities solve the challenge of affordable workforce housing in Branson. We anticipate unveiling new adaptive re-use developments in other locations in the coming months.”
Repvblik-Branson LLC self-funded the purchase and redevelopment of the mothballed Days Inn property at 3524 Keeter St. in Branson in April 2018. Renovations began immediately on the rebranded Plato’s Cave development and first phase residents were in place within six weeks.
Repvblik worked closely with the Taney County (MO) Partnership and the Branson Chamber to help solve two major challenges: a shortage of housing for a growing workforce of local and overseas employees, and non-compliant extended stay motels.
Plato’s Cave offers efficiency and one-bedroom apartments at monthly rents of $495 to $725, which includes all utilities, free Wi-Fi, parking, and security in a pet-friendly, gated community environment.
“Plato’s Cave is designed to be good for its residents, good for the community of Branson, and good for our investors,” said Rubin. “Repvblik is in advanced talks about new developments in other communities looking for marketplace solutions for quality workforce housing, affordable student housing, and 55-plus housing. We expect to be announcing new developments soon.”