The owner of the Fairmont Square apartments has softened a major rent increase after some of the mostly low-income, elderly and special-needs tenants protested that they couldn't afford to live there any longer.
The Star Tribune reported the rent increase last Monday. The next day, the landlord rolled back the rent hike.
David N. Olshansky, a Wayzata businessman, bought out his partners in the building in June and began a series of improvements to the property, including new siding and fresh paint.
Angela Gregory, the on-site property manager with Rochester-based Paramark Real Estate Services, slipped a letter under the tenants' doors this month indicating that their rents were going to increase, in many cases, more than doubling.
On Tuesday, she dropped off another letter apologizing for the "hastiness and miscommunication" with the previous notice.
"After much thought and consideration, new rents have been determined" that meet federal low-income subsidy standards for Martin County rather than the Housing Tax Credit limits that were used to determine the initial rent increase, Gregory wrote.
In addition, utilities will still be included in the rents; the previous letter said they'd be excluded.
The new monthly rents range from $529 for a one-bedroom apartment to $795 for a three-bedroom unit.
Fairmont is a city of about 10,000 residents near the Iowa border.