Developer Proposing Apartment Complex on Top of Rochester Ramp
Rochester, MN (KROC AM News) – A developer is proposing a nine-story addition to Rochester’s newest parking ramp that would be used for affordable housing.
The City Council is scheduled to vote this week on a recommendation to select Common Bond Communities for the proposed project at Ramp #6.
Its proposal was one of three submitted for the site. If the recommendation is approved by the council, city administration will begin discussions with Common Bond on a development agreement.
Administration spokesman Terry Spaeth says the proposal calls for eight floors that would include 127 units and a roof deck on the 9th floor. Forty parking spaces are also part of the proposal. The estimated cost is $38-million. The developer has indicated it may seek public financing, including more than $2-million in tax increment financing.
The proposal indicates construction would be completed by spring of 2023. Ramp #6 was built with reinforced footings to accommodate a possible housing complex.
Common Bond developed and operates the Towne Club senior living apartment complex in SE Rochester. Spaeth says the organization is very reputable.
Here is the staff report that was submitted to the city council:
“Common Bond Communities has a strong track record of constructing, owning and servicing affordable housing. Partnering with Common Bond provides a great opportunity to bring affordable housing into the downtown, with their knowledge of and relationships with various affordable housing funders.
The Committee members were impressed with the development team and felt they are a strong developer. The Committee felt that Common Bond has extensive knowledge of project financing and also liked the unit mix of AMI rents being represented in the project. The Committee liked the thought of a portion of the developer fee being deferred as well. The Committee also liked the Common Bond approach of providing various support services as well. The Committee also felt the Common Bond proposal had stronger sustainability elements than the Three Rivers proposal.”