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The Preserve: 268-Unit Apartment Complex To Open In Osage Beach By Next Summer

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The Preserve at Sycamore Creek - Groundbreaking

OSAGE BEACH, Mo. — It was a big day for Osage Beach. On Thursday, city officials, Tegethoff Development, and Thomas Construction personnel gathered on Nichols Road for the official groundbreaking of the Preserve at Sycamore Creek.

The new apartment complex promises to bring at least 268 units to the Lake of the Ozarks area's desperately under-supplied housing scene. The estimated project cost is $63 million. Thomas Construction will be running the build, and at the groundbreaking, Tegethoff Development founder Jeff Tegethoff said they expect to have the first building opened by summer 2024. "Next summer, people will be living here, and that's just amazing," he said.

Several dozen people attended the ceremony, which was capped by a golden-shovel photo op.

In a brief speech to the group, Tegethoff noted he first met with the property owners — the Kahrs family — in 2019. The property was under contract, but the Covid pandemic caused the project to grind to a halt. Plans resumed in 2022. "I wish I could have built this in 2019 dollars," Tegethoff woefully joked.

"We're bullish on the Lake," he emphasized, predicting the Lake of the Ozarks is just at the outset of a major growth period.

Tegethoff thanked the Kahrs family for their help, as well as Thomas Construction.

"I don't think a project like this would get done without a great local contractor that knows the lay of the land and knows the subcontractor pool," he noted.

He also thanked city officials, his team at Tegethoff, and Gary Mitchell, the developer of the adjacent Arrowhead Centre project.

Osage Beach City Planner Cary Patterson addressed the group briefly, noting that despite the hiccup from Covid shutdowns, the region has seen significant population growth and is now seeing related development, thanks to how the Lake area handled Covid, opting to reopen after a brief shutdown, and remain open. "Because of Covid and because of our leaders allowing the Lake area to be free... this need for the housing that we're talking about to day is greater than it was even in 2020," he said. Patterson noted this is the largest residential development the city has seen since he moved here in 1999.

The last to speak was Mayor Michael Harmison, who praised and congratulated the Tegethoff team and touched briefly on the Chapter 353 financing mechanism. "This hopefully is the first of many" more developments in Osage Beach, he said, noting ground is beginning to be cleared for the Oasis at Lakeport, the $300 million planned entertainment complex just a couple miles away from The Preserve.

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