urbanMSP

Please forgive me if this is affordable housing 101, but what incentive does the developer have by not taking any subsidies for the affordable housing? Doing the right thing is great, but there usually some monetary motivation to include affordable units.

I was surprised by that as well. Maybe they don't want to wait for the beaucracy, because they foresee a crash coming and want to get going before it happens?

All subsidies come with strings, more paperwork, possible delays, etc. The more subsidies, the more/longer strings. That and the recent news regarding the various economic shifts making affordable tax credits less lucrative to investors.

I think in this case, all Sherman has to do is make the City Council happy and abide by whatever agreement the two parties have made for a percentage of affordable units, for a certain number of years. It also kinda sounds like he got a pretty reasonable deal on the purchase price of the land, making it easier to make rent concessions. That and he'll be able to charge basically whatever he wants for those 4 condos.

Final plans going before Planning Commission 5/8: http://www.minneapolismn.gov/www/groups ... 198218.pdf

As a refresher: "The project will include 93 marketrate apartment units, 25 affordable apartment units, approximately 7,400 square feet (SF) of retail and restaurant space, 4 for‐sale walk‐up townhome condos, and 138 enclosed parking stalls."

Embedded in the New York Times' fairly credulous article about downtown east's development:

Mr. Sherman has made the leap across Washington Avenue, where he is close to opening 180 apartments and a Trader Joe’s in his East End project, and a 182-room Canopy by Hilton in what is commonly known as the Thresher Square complex, two historic buildings that date to the turn of the 20th century. In February, he plans to begin building Vicinity, a roughly $45 million development that will include market-rate and affordable residential units and restaurants near the riverfront.

Embedded in the New York Times' fairly credulous article about downtown east's development:

Mr. Sherman has made the leap across Washington Avenue, where he is close to opening 180 apartments and a Trader Joe’s in his East End project, and a 182-room Canopy by Hilton in what is commonly known as the Thresher Square complex, two historic buildings that date to the turn of the 20th century. In February, he plans to begin building Vicinity, a roughly $45 million development that will include market-rate and affordable residential units and restaurants near the riverfront.

I saw that quote and wondered where Vicinity was...

Embedded in the New York Times' fairly credulous article about downtown east's development:

Mr. Sherman has made the leap across Washington Avenue, where he is close to opening 180 apartments and a Trader Joe’s in his East End project, and a 182-room Canopy by Hilton in what is commonly known as the Thresher Square complex, two historic buildings that date to the turn of the 20th century. In February, he plans to begin building Vicinity, a roughly $45 million development that will include market-rate and affordable residential units and restaurants near the riverfront.

I saw that quote and wondered where Vicinity was...

Its near or surrounding a particular place....

Embedded in the New York Times' fairly credulous article about downtown east's development:

I saw that quote and wondered where Vicinity was...

Its near or surrounding a particular place....

It's on the Southeast corner of 43rd & Nicollet.

The Anodyne and Bull Run are other potential names.

Actually, Vicinity is the name of the project at 205 Park.

Site acquired.

Sherman buys Downtown East site for apartments
*LOCKED*

The packet for Monday:

http://www.minneapolismn.gov/www/groups ... 209171.pdf

Maybe this is rather mundane but their site plan is perfect. It should be exactly what the city is encouraging in my opinion. Major corner commercial space. Active use on all sides that face public right of way. Walk out units. Covers ugly parking garage face. 10/10

Trailer on site and fence up yesterday.

Sheet piles going in, dirt moving.

Neighbors, council member fight Airbnb-style rentals in Minneapolis
http://www.startribune.com/city-council ... 511092572/

Considering the neighborhood originally wanted condos in this location, and Sherman was approved to build apartments instead, now Sherman wants 94 of the 122 units to be set aside for short-term, AirBNB-style rentals. Not surprisingly, neighbors aren't happy.

Doesn't sound like they want it sounds like they already signed a 5 years lease to a company. Seeing as this was a this was a parcel of Minneapolis owned land this is pretty dumb. We are already short on housing and now we are giving a huge chunk of that to short term rentals. 24ish of the remaining units are low income so at least we still got that out of the project.

This is nearly complete. Looks like tenants could start moving in, if not by the new year, than shortly after. It's anodyne infill (inc. silly rooftop ski ramp), but the upcoming Kim Bartmann bakery and possible brewpub will be huge amenities for the neighborhood.

Sister lives directly next door, they can not wait to have a bakery and hopefully get that brewpub. Those would be two huge pieces that would make Downtown east feel like a real neighborhood. I have to say - seeing this building in person I love it. The design and materials are interesting which fits the neighborhood. Both future retail spaces feel very inviting. Worth noting this building is also getting a small police substation and I believe a bank which would also be good amenities for the neighborhood.