On March 2, Real Estate Equities, which developed the first phase of Technology Park Apartments with Nate Stencil and the Greater Minnesota Housing Fund in 2019, paid $1.7 million for 3.6 acres adjacent to the complex at 2712 Commerce Drive NW. The plan is to add 140 more apartments.
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A partner in the development of a new multifamily rental complex in Rochester purchased land for the project last week for $3.555 million, according to an electronic certificate of real estate value.
Chicago-based Redhawk Multifamily is partnering with Trilogy Residential Management on development, called The Lodge. An entity named Redhawk Lodge LLC sold the vacant land to Trilogy, operating as TF Rochester LLC in the acquisition, according to the CRV.
Redhawk and Trilogy broke ground last week on the nearly 32-acre project, said Redhawk Managing Member Mark Avis.
“I know that Rochester [has] a need for this type of housing. The Lodge is going to be something very different than any … other rental product that’s there,” Avis said.
Plans for new affordable housing complex in NW Rochester put on hold
Plans for Technology Park Apartments Phase 2 will be reviewed again in the coming months.
Posted: May 17, 2021 10:45 PM
Posted By: Anthony Monzon
ROCHESTER, Minn. - Plans for a new affordable housing complex were put on hold Monday after city council members voted unanimously to table discussion on the so-called second phase of Technology Park Apartments.
Preliminary plans for the development call for a four-story, 141-unit affordable housing complex to be built on the corner of Commerce Drive NW and Technology Drive NW. City staff recommended denial of the project based on its location and existing zoning, but Rochester s Planning and Zoning Commission supported it, citing a lack of affordable housing supply.
Nearby Folwell neighbors worry about the continued development along 14th Avenue as new housing types extend into the neighborhood of single-family homes.
“We are more than a little dismayed that this is a clear change in character that is trying to be introduced into this neighborhood,” Kai Miller, who lives across the street from the proposed project, told the planning and zoning commission last month.
The project’s developer has said the proposal is intended to blend well with the single-family homes that surround it.
“We feel this will be a great asset for the neighborhood,” said Cyle Erie of ISG Inc., who spoke to the commission on behalf of Ben Kall, who is proposing the project. Kall opted to remain silent during the April hearing, since he is a commission member.