Blue Line Flats - (3120 24th Ave S)

[lordmoke]

Wellington is proposing a 4 story, 141 unit affordable apartment building on this vacant lot adjacent to Hiawatha. It will have unit sizes from 1-3 bedrooms.

More info:
http://corcoranneighborhood.org/public- ... -triangle/

[Tcmetro]

Looks like a good addition to the area.

[min-chi-cbus]

Ooooo, affordable pricing -- how fantastic! Although even at 60% of the median income, I have a hard time understanding how such a family could afford $1,150/month rent. I struggle with that at slightly above the median family income!

[woofner]

Duh so the houses on 32nd are still there and will remain right? I'm just confused by the blocky shapes in their place on the site plan.

[HiawathaGuy]

This project received County grants. They are securing financing and hope to break ground in fall of 2015 (which I thought seemed like a long ways off)...

Info Tucked In Here

"St. Paul-based Wellington Management will also receive a $200,000 TOD grant from the county for a 135-unit workforce housing project on the Blue Line called the Corcoran Triangle.

The development company plans a four-story, strictly residential building on Hiawatha Avenue between 31st and 32nd Streets, according to David Bergstrom, chief operating officer for Wellington. The project site is a vacant remnant block left over from when the light rail was constructed.

The county grant will fund amenities to build a better bicycle and pedestrian connection from the building to the light rail stop at Lake Street."

[seanrichardryan]

Renders:

http://corcoranneighborhood.org/public- ... -triangle/

[twincitizen]

Duh so the houses on 32nd are still there and will remain right? I'm just confused by the blocky shapes in their place on the site plan.

Yeah, what the heck? Those two property lines are clearly shown on the site plan. If they were included in the project, they probably wouldn't bother drawing in those property lines. It seems the county might even own the SFH property that borders the alley. The other one that faces 32nd is privately owned (last sale 1997). Why would the County not buy that single property to complete this block?

I suppose you could build a few shallow-depth row houses along 32nd, but they would have to use the existing surface parking here and not have their own tuckunder/rear garages. In order for them to have garages of any kind, you'd have to remove that row of surface parking facing 32nd (14 spaces).

[martykoessel]

Hurrah for this project! Housing at this price level is always so sorely needed, and especially with such great access to transportation it's essential to the health of the city.

[seanrichardryan]

Why isn't this six stories?

[Nathan]

Why isn't this six stories?

Because that would require more parking?

[sdho]

Surprised there's no criticism at all of this development being 100% subsidized housing, as opposed to 70-30 or similar market rate / subsidized.

This area immediately borders the Racially Concentrated Area of Poverty that consumes the Phillips, Cedar-Riverside, and Whittier neighborhoods, plus portions of other neighborhoods, including Corcoran.

I don't object to the form here, but I'd like to see at least 50% market rate in there too.

[nickmgray]

I'd like ot know how market rate is actually calculated. It is based on the neighborhood or entire city?

[twincitizen]

"Market Rate", in the context most of us think of it and are using here, just means "not subsidized"/"not Section 42". Not any particular price-point, just whatever the developer must charge based on the cost of land & construction and expected profit. "Market rate" can differ between city neighborhoods and city/suburbs.

The price point for "Affordable" Section 42 units, however, is calculated based on how much a person/family making either 50% or 60% of the Area Median Income (AMI) could afford to spend on rent. If tab is reading this thread, I think he could probably explain it in further detail.

[tab]

That's correct. 'Market Rate' is also sometimes used to describe the typical market rate for existing apartments in the area. This kind of market rate is generally more affordable than new 'market rate' apartments, because apartments built 20+ years ago can cash flow with lower rents.

[FISHMANPET]

Was watching the Community Development & Regulatory Services meeting today, looks like they're seeking some TIF financing for this. There was an agenda item to allow the city to continue examining TIF or to stop examining it, and based on Frey's comment $1.5 million is the limit.

Here's the documents:
http://www.minneapolismn.gov/www/groups ... 137938.pdf
http://www.minneapolismn.gov/www/groups ... 137939.pdf
http://www.minneapolismn.gov/www/groups ... 137940.pdf

[lordmoke]

From the Planning Commission:
http://minneapolismn.gov/www/groups/pub ... 143966.pdf

[fehler]

Fence going up today, trailers on site.

[HiawathaGuy]

I'm really excited about his project, and the adjacent one on Lake Street. It's really going to transform this scrubby lot.

[kiliff75]

Foundation looks done,working on first floor of wood framing now...

[aeisenberg]

Looking north