The developers who want to build an 80-unit apartment building near the east end of the Stone Arch Bridge have indicated a willingness to delay the project to give the Minneapolis Park Board time to acquire the proposed site.
That news emerged this week even as developers Steve Minn and John Wall continue to seek city zoning approvals. A City Council committee that earlier deadlocked on granting those approvals punted on Thursday by sending the issue to the full council without a recommendation. The council takes up the issue on July 31.
Parks Superintendent Jon Gurban said that the park system may be interested in the acquisition, but he noted it would have competition from other riverfront parcels the Park Board would like to buy. He said that the price needs to be reasonable. If the park system buys the land, the developers would walk away, the apartment project would be shelved, and the land would be reserved for a park.
The parcel lies about 300 feet from the bridge, across Main Street SE. from a 221-unit apartment building the developers opened in 2003. Opponents argue that building dominates the view of pedestrians eastbound on the bridge and that a building nearer the bridge would be even more intrusive. But Minn asserts that the nearby University of Minnesota steam plant is much more dominant.
The developers have drafted a set of conditions designed to give park officials time to act on the parcel of about 40,000 square feet. But their offer is conditioned on approval of 80 units, rather than the 40 units they're entitled to under existing zoning. Those rules would allow the project to grow to 56 units with zoning bonuses for affordable housing and underground parking.
Their offer requires the city to grant zoning approvals good for two years rather than the customary one year, with a possibility of a year's extension. They would agree not to pull permits for a year, allowing park officials to explore a deal and find the money, but they could go ahead if no deal is reached.
The city assessor's office valued the long triangular parcel at $629,400 for 2009. "It's still cloudy as to what the real value of that property is," Gurban said. "It's a moving target, but it seems that certain people are trying to inflate the price." Brian Flakne, an attorney representing the developers, said an appraisal is needed.
Council Member Gary Schiff, who chairs the Zoning and Planning Committee that advanced the appeal without a recommendation, said some of the conditions proposed by the developers are outside the scope of a zoning decision by the council.
