The reason? A planned inclusionary zoning ordinance that requires developers to include income-restricted units in all new buildings.
This week, as rain-soaked, hard-hatted crews pumped concrete to the top floor of a 25-story riverfront apartment tower with arresting views of the downtown Minneapolis skyline, developer Kelly Doran is looking ahead. Next up: Two adjacent blocks where an excavator is demolishing a four-story office building where he and his partners will build another 574 rentals.
Over the next couple years, this three-block redevelopment project behind St. Anthony Main will have nearly 1,000 upscale rentals in a tower and several low-rise buildings, making it the tallest, biggest and most expensive project to date for Doran.
“This is a new adventure for us,” he said during a recent tour of the tower, which is perched above St. Anthony Falls.
For Doran, who is codeveloping the site with Minneapolis-based CSM Corp., the $350 million project also represents what he said will be his last residential project in the city if a planned inclusionary zoning ordinance that requires developers to include income-restricted units in all new buildings moves forward.
Read entire article HERE.
"For Doran Cos., biggest Minneapolis project may be its last"; By Miguel Otárola; Star Tribune; Sept 16, 2019