A new student housing cooperative near the U of M aims to offer a less expensive alternative to the hundreds of luxury rentals being built in the area, and to give residents more control of their community.  Riverton Community Housing starts construction Tuesday on its Fourth Street Student Housing Co-op, a six-story, 66 unit building at the corner of 13th Ave. SE and 4th St. SE in Minneapolis. The building, designed by UrbanWorks Architecture, will have first-floor commercial space, below-grade parking and a fitness center. There will also be a bike room with direct access to the street, bike storage and a bike repair station. The lobby will have a gathering space and an electronic message center to keep students connected.

Rents haven't been set yet, but a leasing manager for Riverton tells us that rents will be 10 to 15 percent less than the competition, and that there are no income restrictions.

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