A decade after plans first surfaced for luxury condos on Sunrise Park Road, the developer says Phase 2 is ready — but the market isn’t.
The Storm Lake City Council heard that message Monday night as FB Storm Lake II developer Shawn Foutch delivered a candid update on the long‑running Breeze condominium project at 201 Sunrise Park Road, overlooking Sunrise Park and the public docks.
Foutch, director and co-owner of Foutch Brothers, LLC, reminded the council that the project was split into two phases after the original developer’s plan for 110 units at once proved unrealistic.
Phase 1 — consisting of 51 units — is complete. Twenty‑six have sold, including one purchased by Foutch himself, and the remaining 25 are rented. But five units remain unsold, and Foutch said that’s now the critical barrier to launching Phase 2.
He said the slowdown in condo sales over the past two years has been the biggest challenge.
Selling those units would not only demonstrate market strength to lenders — it would also generate nearly $2 million in developer equity needed to begin construction.
While waiting for sales to pick up, Foutch said his team has been quietly completing underground utility work, concrete repairs and other site preparation using revenue from other rental properties. He estimated about $100,000 in additional prep work is planned through fall.
Phase 2 is expected to be a $12 million build. Once financing is secured, Foutch said construction would take about a year, noting the timeline depends entirely on economics and unit sales.
Council members asked about the project’s tax increment financing schedule, which runs into the late 2030s. Foutch said Phase 1’s value exceeded expectations and is already burning through the available TIF capacity faster than projected — meaning Phase 2 would accelerate that even more.
The council took no formal action on Monday.
