190 apartments units announced for former Lake Street Rainbow Foods

Dated: 04/19/2019

Views: 118

Plans for a 190-unit apartment building, tentatively known as Midtown Corner, have been submitted to the city of Minneapolis. That building would go on the former Rainbow Foods space on East Lake Street.

The proposed Midtown Corner building will have six floors. The first will be retail space, while the next five will be apartments.

The whole building will be affordable housing, with rent set between 60 and 80 percent of the area median income. A smaller number of apartments will be more even more affordable, with rents set at below 60 percent of the area's median income. The exact number of those apartments has not been set, but David Wellington estimates it will be around 20 percent of the building, or 38 units.

David Wellington is the executive vice president of Wellington Management, the company in charge of the site.

Two years ago, the northeast portion of the site was drawn up as one building that shared a smaller grocery store and a charter school. Those roles are now filled by an Aldi and Universal Academy, a K-5 charter school that serves 350 students. But Wellington also shared plans for the northwest corner of the lot, which was (and is) just a parking lot. At the time, the project was a 100-unit senior living facility.

Wellington said that Wellington Management is still seeking permits. Despite the affordable rent prices, Wellington isn't seeking tax credits to finance the construction.

The expectation is to break ground this summer. The build is estimated to take between 14 and 16 months.

You can view the plans that Wellington Management submitted to Minneapolis here.

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Cory and Jessica Rudnitski

Honesty * Integrity * Work Ethic Over the 21 years that I have worked in the real estate profession, as a Realtor, I've discovered a few undeniable truths. Some of these are as follows: It is not gl....

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