Rochester to Begin Talks on Downtown Affordable Housing Project
Rochester, MN (KROC AM News) – The Rochester City Council has approved an administration request to begin talks with a developer who is proposing an affordable housing complex on top of the city’s new downtown parking ramp.
Administration spokesman Terry Spaeth says the proposal calls for eight floors that would include 127 units and a roof deck on the 9th floor. Forty parking spaces are also part of the proposal. The estimated cost is $38-million.
The developer has indicated it may seek public financing, including more than $2-million in tax increment financing.
Ramp #6 was built with reinforced footings to accommodate a possible housing complex. City administration recently reviewed three proposals for the site and selected the one from Common Bond as the best of the bunch.
The proposal indicates construction would be completed by spring of 2023.
Common Bond developed and operates the Towne Club senior living apartment complex in SE Rochester.