KILLEEN, Texas — Some folks in North Killeen are wondering why a new high-end apartment complex is being built in their area, and wondering how it could effect their cost of living.
The Station 42 Apartments of WS Young and Veterans Memorial in Killeen are promising to bring luxury living to the north side of town.
”It’s got a lot of amenities that the younger generation like that we don’t see hardly anywhere else,” said Killeen city council member, Jose Segarra.
“You've got your dog park,your park next door, a gymnasium, a place where you can have conference meetings.”
The hope is, by bringing high-end living to this side of town, that it will increase the revenue and for the city and bring in more profitable businesses.
”The convenience you know — when people go shopping or to the coffee shop, it’s easier just to walk down there,” Segarra said.
"There will be a lot of things. I think this is kind of a trigger to bring in more businesses.”
This is a convenience that would be a good thing for some, but not for all.
"If it works out the way you want it, the downside is that it does increase property values and that might hurt some people there,” Segarra said.
The reality is, with more luxury living comes a higher cost of living, and not just for the folks living in the new apartments.
”For the lower income families that live in the area, if their property tax gets too high, they end up having to move,” said assistant professor of accounting at Texas A&M Central Texas, Dr. Rob Tennant.
Groceries and other expenses could also go up, making it harder for low-income families to afford basic necessities.
However, this shouldn’t happen for quite some time.
”Do I think it is something that will happen overnight? No,” Dr. Tennant said.
“I don’t expect an immediate gentrification of the area, but it is something that over time will change the economic dynamics of North Killeen.”
The Station 42 Apartments are expected to bring more money into the area, but with that comes higher property values and higher rental prices.
