324 Project moves forward

Proposed micro apartments design and plans are getting feedback from the community

Posted: Sep 11, 2018 11:50 PM

ROCHESTER, Minn.-Proposed micro apartments will be at 324 1st Ave. Southwest... just down the street from a lot of Rochester's night life.
There will be 50 units and their square footage will range from 440 to 880. While rent will run around $1,000 per month.
City Council member Mark Bilderback says while the apartments won't exactly be considered affordable, when you look at where they'll be located the price is fair.
"We’re getting a lot of new things built but you're not getting a lot of housing that's on the affordable side they're usually a little bit higher up because they're downtown, so when you're looking at a $1,000 apartment or maybe a little bit less in downtown with all of the amenities of downtown then that’s a pretty good deal."
When it comes to these units getting in the way of more affordable housing moving in to Rochester, Bilderback says the community doesn't need to worry yet. that's because the developers haven't requested tax increment funding, or TIF. Which is a method of financing public and qualifying improvements from the increased property taxes generated from new development that would not occur 'but for' the assistance provided.
The developers will be going to the planning and zoning board on Wednesday and then on to city council where we'll learn if they plan on seeking TIF.

Article Comments

Mason City
Clear
32° wxIcon
Hi: 37° Lo: 22°
Feels Like: 22°
Albert Lea
Clear
27° wxIcon
Hi: 34° Lo: 20°
Feels Like: 27°
Austin
Clear
21° wxIcon
Hi: 38° Lo: 19°
Feels Like: 14°
Charles City
Clear
23° wxIcon
Hi: 36° Lo: 19°
Feels Like: 13°
Rochester
Clear
26° wxIcon
Hi: 32° Lo: 19°
Feels Like: 15°
Mild weekend ahead
KIMT Radar
KIMT Eye in the sky

Latest Video

Image

Sports Overtime highlights part two

Image

Hayfield High School Donkey Basketball

Image

Sports Overtime highlights part one

Image

Chris' PM Weather Forecast 2/21

Image

Finkenauer town hall

Image

Vets need your help with transportation

Image

Youth talk tough topics

Image

Coronavirus Local Business Impact

Image

Beyond the Badge program

Image

Chris' PM Weather Forecast 2/21

Community Events