An Idaho-based affordable housing company has found a new investor, but its Canyon County manufacturing facility is still closed.
Earlier this year, BoiseDev told you that indieDwell, a company focused on building affordable modular housing from shipping containers, has shelved its Caldwell plant and laid off 61 employees. This came after the company had to switch from a process of manufacturing shipping containers to a new process of building cold-formed steel modular homes due to regulatory changes, a company executive said.
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At the end of September, the company received a new infusion of $ 5.75 million in new financing from investment companies HMS Development and Bastogne Development Partners. IndieDwell executive chairman Pete Gombert said the new investment will have an impact on the company and its employees, but he is looking to other states to expand his manufacturing operations.
Gombert said the indieDwell “is hiring fast in Idaho and Colorado, where it currently operates a 100,000 square foot factory in Pueblo.” He said there are about 20 indieDwell employees now working in Idaho.
“The Caldwell facility remains closed as we seek larger facilities,” Gombert wrote in an email. “All of our other factories are 100,000 square feet + and the size of the Caldwell factory (21,000 square feet) just couldn’t scale to scale the company. We are opening a plant in Virginia and will soon be announcing more.
Gombert told BoiseDev that the Caldwell plant was closed “for now” in May.
Virginia Governor Ralph Northam has announced that indieDwell will be opening a new manufacturing facility in Newport News, located in the southeastern region of the state. The governor’s office said the plant will create 220 jobs.
The company has gained media coverage in the local and national press in recent years for its innovative approach to construction, affordable prices, and partnerships with governments and local nonprofits to create home ownership opportunities. low cost property. They supplied the homes for several small subdivisions developed alongside Boise-based LEAP nonprofit housing solutions as recently as last summer.
The heads of the two investor groups that backed indieDwell were excited about the company’s affordable housing product as rent and house prices rose nationwide.
“We believe that an accessible standard of living is a crucial step in individual and community growth, which is why we are so proud to partner with indieDwell to provide turnkey development and construction solutions to communities across the country, “Ndamukong Suh, president of HMS Development, said in the press release.