As seen on The Post-Cresent
Developer converts former K-C South building into apartments for independent senior living
NEENAH — About two-thirds of the former Kimberly-Clark office building on Marathon Avenue has been redeveloped as Marathon Flats, a 61-unit apartment complex for residents age 55 and older.
The development is designed for independent senior living. The first phase involved 31 apartments and was completed in November. The second phase will add another 30 apartments and will be finished in July.
Park Place Holdings-Marathon Street LLC is the owner and developer of the property. Park Place Holdings is a commercial real-estate investment firm based in De Pere. Upon completion, the company expects the project will be worth more than $17.5 million.
“Recognizing the demand for modern, amenity-filled living spaces for older adults, we embarked on this journey to transform the property, ensuring a wealth of amenities at an accessible price point,” said Caleb Hayes, founder and CEO of Park Place Holdings.
Marathon Flats, 2001 Marathon Ave., is north of the Neenah police station and Neenah dog park. It is a one-story building, making it suitable for seniors who may face mobility challenges, and offers studio, one-bedroom and two-bedroom apartments.
Property amenities include a community room, courtyards with gas grills and patio furniture, a golf simulator, a fitness center and on-site garages.
Monthly rent ranges from $895 for a studio apartment to $1,395 for a two-bedroom, two-bathroom apartment.
Park Place Holdings purchased the 148,000-square-foot office building from Kimberly-Clark Corp. in August 2022 for $3.75 million. One-third of the property — known locally as K-C South — remains a consumer testing center for Kimberly-Clark.
The redevelopment of K-C South began in June 2022 with a request to rezone the property from industrial use to commercial use. The rezoning was approved a month later, and construction of the first phase followed.
“The overwhelmingly positive response from residents and successful lease-up of Phase I spurred the decision to move forward with Phase II,” Park Place Holdings said in a press release.
Park Place Holdings said there is a high demand and low supply of housing for seniors. Citing 2023 research data, the company said an estimated 30% of the residents in the Fox Cities are age 55 or older.
Efforts to convert office buildings into apartments gained momentum following the COVID-19 pandemic, which resulted in more employees working remotely from home.
Park Place Holdings is exploring options to redevelop other areas of 17-acre property, including the construction of townhouses along Marathon Avenue.
“We could probably build another 75 units easily on the land that we have,” Corey Vanevenhoven, director of development for Park Place Holdings, told The Post-Crescent. “We had some conceptual drawings done, but we don’t have plans or financing right now to do that yet.”
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