FOR IMMEDIATE RELEASE
Media Contact: Mason Becker, Community Development Director
Phone- 262-473-0148
Email- mbecker@whitewater-wi.gov
Stonehaven Development Approved in Whitewater
Whitewater, WI — The Whitewater Common Council has approved the Stonehaven Development residential project, an infill project located along Bluff Road on the city’s east side, designed to address one of the community’s top priorities: increasing the supply of owner-occupied single-family housing.
Identified in both the city’s Comprehensive Plan Update: Whitewater Forward and the City’s Strategic Plan, the need for more attainable homeownership opportunities has been a consistent concern. Stonehaven is a direct response to that need.
The development will include 14 new owner-occupied single-family homes on currently undeveloped land along Bluff Road. Each home is planned as a single-story residence of approximately 1,456 square feet, featuring three bedrooms, two bathrooms, a two-car garage, a poured concrete basement and driveway, standard appliances, and move-in-ready finishes.
The homes are specifically designed for owner-occupancy, not rental use. Deed restrictions will be in place to help preserve that intent over the long term.
The target price point is approximately $330,000, with a maximum sale price of $350,000—positioning these homes below much of the new construction currently available in the Whitewater market.
Project Financing and Structure
Stonehaven utilizes two primary financing tools:
Tax Increment Financing through Tax Increment District Number 11
A short-term revolving loan fund to support development and construction costs
As homes are completed and sold, proceeds return to the revolving loan fund and are reused for future development phases, until all 14 homes are completed. This structure is designed to support project viability while avoiding a one-time subsidy model.
By reducing upfront carrying and financing costs, the structure helps make the targeted home prices achievable.
Safeguards and Oversight
The project includes multiple protections to ensure accountability and responsible use of public tools:
Capped developer fees and realtor commissions
Capped home sale prices
Personal guarantees from developer principals
City authority to reclaim parcels if deadlines are not met
Owner-occupancy requirements through deed restrictions
Repayment obligations tied to lot sales
Collateral and oversight tied to land, homes, and sale proceeds
These measures are intended to manage risk and provide clear performance expectations.
Why the City Is Involved
The private market has not consistently produced new owner-occupied housing at this price point due to rising costs associated with land, infrastructure, labor, materials, and interest rates.
Stonehaven represents a public-private approach to help bridge that gap—not by replacing the private market, but by supporting the development of housing the community has identified as a priority.
Project Goals
The Stonehaven development is intended to:
Create 14 new owner-occupied single-family homes
Expand homeownership opportunities in Whitewater
Add new taxable value to currently undeveloped land
Serve as a potential model for future housing initiatives
This project is not low-income housing, not a rental development, and not a luxury subdivision. It is a structured effort to create attainable, owner-occupied housing with defined limits, financing tools, and safeguards.
Community members may have differing perspectives on the approach. However, the project is grounded in established financing mechanisms, clear repayment structures, and long-term occupancy requirements. The Stonehaven Development project is ultimately an effort to responsibly expand access to homeownership in Whitewater.