Real estate company

Minneapolis-based real estate company offering new housing project in Rochester | Olmsted County

ROCHESTER, Minnesota – The parking lot next to Wells Fargo near the Mayo Civic Center may soon turn into a new housing project.

The proposal comes as the city goes through a land disposition. This is where they analyze all of his owned plots and see if they can be put to good use.

According to Acting Director of Community Development Josh Johnsen, 8,500 affordable housing units are needed to accommodate Rochester’s growing population.

“It’s an amazing site. It has an amazing location,” says Johnsen. “It’s walkable to downtown, it’s close to transportation. It’s currently underutilized as a service parking lot, so we’re looking to provide higher and better utilization that can also provide the services the city needs. in terms of affordable housing, and really activating this corner and creating another amenity for downtown.”

The housing project would also provide more than 200 market-priced units and 80 affordable units.

“Creating more housing, especially on sites that are currently only used for parking, will actually generate more property taxes,” says Johnsen. “It will actually be a net positive in terms of the taxes the city can generate.”

Rochester City Council will discuss the new housing proposal at Monday night’s meeting.


Source link