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<br /> DIANA WAITERS I THE BUSINESS JOURNAL 1 '_‘ , , - „, iligio'iiii,
<br /> The Ninth Street Lofts offer 10-foot ceilings and customized furniture. _
<br /> footage found in many single-family homes
<br /> STREET LOFTS
<br /> S -7 :',.-.',`-`,NV=''‘''i,''-',, ,4-4-- t ';-'4 401,.•.; ' ,.,
<br /> in that community but hardly excessive by NINTH-.., ,
<br /> ., 7,1‘.:..,,,,,•.'4W4:=',;,,,•‘.04.'i-..---,,,`•-'.'".Z.,''',,,,t,-,,,,,,-- -,-,, ,..:,_:„. :.;-.,6-,, .,.;,-;‘,, - ,,,
<br /> townhouse standards. Some developments st
<br /> , .Paul
<br /> ,. Group_, ,:isivtIt qpii,,i ,,......t.
<br /> in the region sell units in excess of 5,000 :PeveloP011-:Pletand,1 ,..?., "!, -. ''-411,13U- ' -,
<br /> square feet. . thas:49;lbrsalei
<br /> At Hartford.
<br /> Commons in Eden Prairie, a ,,,,,pSicicueas7$'116:89,g066,:04.f.!,11.1l,„.;,,7ttI,!:ie;„1/:.,„.41zP:1!.. . ,t ;e,. ,, :i.t ,,.1.:::,,,,„.....; ,,,,,,,ir.,,,„ . ontictii::a:rt:--
<br /> 318-townhouse development by David
<br /> ''P c't,Pgirl9-Y,:.: , ...„_, , ,r- ,..... Economic Development
<br /> Bernard, selling features include lofts that Late 2004,,,,,,,,,,,,.:,..,„ -4`..-.4at,;:,'...,";,t,-,•:',U, • -' '-'• -pf-.,..,-4....• . ,
<br /> can be used for home offices and second 1,,,,-:,,,,-- ,:;',:,, •",!,1,-.,ily.r.:0,,,:-:.;:i,../- ,,,-..41:,..;.,4,7„,:z„,7:if,r71,77,":"
<br /> bedrooms,brushed chrome appliances and a , Eau Claire non
<br /> big master bedroom with a walk-in closet the outdoors,Fefercom said.As Develop orr
<br /> s a result,the -
<br /> and attached bathroom, said Madsen: Maplewood development has extensive 3625 Gateway DriN,
<br /> "Everyone wants enough room for a-Icing- porches or decks on every townhouse unit. EicLAIRE Eau Claire, WI 547
<br /> sized bed,"she said. . R 1 ' 715-834-0070
<br /> OEVELOPMENT
<br /> Suburban buyers also want a private link to ,Frank Jossi is a St Paul-based free-lance writer. . _ Fax: 715-834-195€
<br /> ,,— ,
<br /> ,., edcnate@ecol.net
<br /> ,_ __
<br /> OFIMATION
<br /> AFFORDABLE: Budget cuts could hurt subsidies
<br /> . ,.„,, ,“. .•.-,_: ,- ,,,„ ,-- ,,..
<br /> FROM PAGE 19 at all. - -- -
<br /> "Generally speaking,with today's regula
<br /> 0 c
<br /> 1 ally dedicated resources for affordable i ry environment,the private sector cank afford
<br /> housing is a newer phenomenon." to build affordable housing without some sort
<br /> More money is available at of subsidy,"said Rick Packer,a project manag-
<br /> the state level as well,Ulfers er With Arcon Development Inc.in Edina and
<br /> . _
<br /> ?''-7"--, said.During the last-bienni- chair of the developer's council for the
<br /> i'''.,_:-•"s..--,',--..-;.„0,,,,;-,., 1 urn, the Legislature appro- Builders Association of the Twin Cities.
<br /> P riated some money to help Developers usually spend mom than
<br /> w ith the bwiding of afford- $120,000 on financing,land and construction
<br /> able housing.Two years ago, to build a 1,000-square-foot affordable unit, .
<br /> 1
<br /> the Legislature loosened Minn said.Rent on such a unit would have to.
<br /> stipulations on private activ- be at least$1.25 per square,ideally$1.35,to -„, 1 A T -r,
<br /> it Ulfers ity bonds to make them offset those costs.To be affordable,however, V V _ _,
<br /> u
<br /> $1.10 a s
<br /> exceed$1
<br /> not must more accessible to develop- rent mus no ex . qare
<br /> foot'and ---- ------
<br /> 1 ers building affordable housing.This resulted is ideally between that figure and 95 cents.
<br /> ,i in an increase in bond financing for multi- Without subsidies,developers would have to
<br /> family housing,Ulfers said. eat the cost of the difference.
<br /> , .4....,
<br /> The increase in the number of affordable "If you couldn't get that rent,you wouldn't ,
<br /> . sign i
<br /> units needed,and you wouldn't
<br /> ' 'ts built in the metro area is a sign that get the return you . „ ....
<br /> 1 those additional incentives have,helped. In- build these units," Minn said. "Subsidies are
<br /> addition to Stone Arch,other new multifami- the bridge that allow developers to expand
<br /> lay housing projects with significant affordable their offerings to include units that are be ow
<br /> 1 components include the Bottineau Housing, market value." .
<br /> Project in northeast Minneapolis. Using tax- But, developers and government-officials.
<br /> exempt bonds,developer SherrnanAssociates wonder how much longer these fundsd for
<br /> p Inc.made 87 of the project's 156 rental units affordable housing will be available. Bu get
<br /> , Whether
<br /> affordable: cuts and belt tightening at all levels of govern-
<br /> About 30 percent of 808 Berry, a 267-unit ment might reduce the funds that have been tenant i
<br /> .
<br /> rental property in St. Paul, will comprise built up over the years. knowledge
<br /> affordable rental units.Financing for the proj- "I we'll continue to see some activity in .
<br /> Include de
<br /> ect,developed by Dominium Development& affordable housing,but not at the same e level,"
<br /> To make us
<br /> Acquisition,m' cludes tax-increment financing Ulfers said."I think what we've seen in. the past
<br /> 14, from the city of St. Paul and funds from few years has been somewhat of a blip."
<br /> LI' Ramsey County.
<br /> Without subsidies, developers say they liganison@bizjoumalszom1(612)288-2112
<br /> would be unable to build affordable housing .
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