Groundbreaking For Rochester’s Latest Affordable Housing Project
Rochester, MN (KROC AM News) - A private ceremony is being held in Rochester Thursday to mark the groundbreaking of the city’s latest affordable housing project.
The event is being organized by Kraus-Anderson, the construction manager of the Bryk on Broadway project.
The $39.2-million complex will be built on the west side of North Broadway near Civic Center Drive.
Plans call for 180 mixed-income affordable housing units. The complex will also include approximately 7,500 square feet of commercial and retail space.
The Rochester City Council earlier this year approved $2.25-million in tax increment financing funds to help the developer cover the costs. The developer also received $2.2-million in DMC infrastructure funds in the form of a forgivable loan.
Under the agreement approved by the city:
- 30% of the units (54 units) will be affordable at 50% area median income and rents.
- 10% of the units (18 units) will be affordable at 60% area median income and rents.
- 60% of the units ( 108 units) will be affordable at 80% area median income and rents.
Construction is expected to be completed by the end of next year.