AFFORDABLE AND MARKET-RATE HOUSING PLANNED FOR W LAKE STREET

What originally was a two-phase residential project on W Lake Street already has a third phase planned.

Lupe Development Partners presented plans earlier this month for a seven-story mixed-use building at 520 W Lake Street. The project would be built directly next door to the twin phase one (currently under construction) and phase two projects that the developer already has planned.

However, before both phase two and phase three can be built they both need to still be approved by the city. Here’s what planned for both those phases.

THE SECOND PHASE

Phase two would be constructed at 510 West Lake Street and would include a 6-story residential building that essentially mirrors the design of phase one exactly. The building would include 111 units of affordable workforce housing which would be the same amount of affordable workforce housing as what is included in phase one.

In addition to apartments, the building would have ground floor walk-up townhome units located on along Harriet Avenue, 1,000 square feet of retail space, a fitness facility, business center, clubroom, bicycle maintenance/repair room and other community spaces.

56 enclosed parking spaces would be located on the ground floor and one underground level of the building.

A number of green initiatives would also be featured in the project including a green roof and a 40 kW Solar PV collection system that would power the common areas within the building.

THE THIRD PHASE

Located directly next to phase two will be phase three.

Phase three would be a seven-story building with 92 market-rate apartments along with 2,600 square feet of ground floor retail space split into three different spaces. 44 parking spaces would be included on one above ground and one underground level.

Units within the building will include studios, alcoves, one-bedroom and two-bedroom apartments.

Residents would have access to a large ground floor lobby, a bike room with space for 81 bikes, a second level outdoor courtyard and indoor clubroom/lounge, and last but not least a seventh-floor sky lounge with views of Downtown Minneapolis.

Construction on phase three would occur at the same time as phase two and would begin in May 2020. Both projects are anticipated to be complete in late 2021.

AFFORDABLE WORKFORCE HOUSING DETAILS

When it comes to phase one and phase two, income restrictions will be applied to those individuals who wish to live within the buildings.

99 units will meet the 50% AMI (area median income) requirement with around 20 of those units being set aside for those who meet a 30% AMI requirement. Those units will serve homeless veterans and/or county homeless clients.

All three buildings were designed by ESG Architecture & Design and will be constructed with the same construction program and quality meaning residents won’t notice the difference between the affordable workforce and market-rate units.

The reason that not all three phases include affordable workforce housing is that the developer wanted to present an opportunity for those who might live in the workforce housing and eventually surpass the income restriction. The third phase of market-rate apartments would give an option to those would like to remain in the neighborhood when their income becomes too high to live in the affordable workforce housing.

Plans for 520 W Lake Street went before the Minneapolis Planning Commission Committee of the Whole for feedback at their August 22nd meeting. The project will be presented to the Minneapolis Planning Commission for approval later this fall.