An income-restricted rental project in St. Anthony is getting a second chance.
Aeon, a Minneapolis-based nonprofit, wants to build 70 rental units that are affordable to people who earn 60 percent or less of the area median income. It plans a four-story building with 16 one-bedroom units, 36 two-bedroom units and 18 three-bedroom units.
The project is still in its infancy, but Blake Hopkins, development director for Aeon, said it will solicit feedback about the project after presenting its plans to the community on Monday. It will submit an initial application to the city later this year.
Aeon wants to build on land that is owned by Bremer Bank, which would replace the building it currently occupies on the site with a smaller one that better reflects the way people bank today.
The proposal comes after a nearly two-year legal battle to keep the park open to preserve affordable housing for nearly 100 households. Wayzata-based Continental Property Group bought Lowry Grove in 2016 through an entity called the Village and presented its redevelopment plans for the 15-acre site mobile home park, which is adjacent to the Bremer site. Affordable housing has long been considered a critical piece of the redevelopment project.
Continental’s initial redevelopment proposal was met with resistance because of its density among other reasons; a revised proposal that didn’t include affordable housing was later approved and Aeon worked with Lowry Grove residents to acquire the Lowry Grove property to maintain its affordable housing.
In March, the City Council approved a proposal to build up to 430 units in three buildings, including market-rate apartments, senior housing and an assisted-living facility.
Hopkins said that Aeon’s project would be independent of Lowry Grove, and that Aeon would own and manage it through a tax credit partnership. Aeon is still seeking funding for the project, but it has already submitted an application for tax increment financing to the city. If that application is approved, the developer is expected to begin the entitlement process later this year.