MINNEAPOLIS — December 2, 2019 — Dominium, a Minneapolis-based leading apartment owner, developer and manager, celebrated the grand opening of 1500 Nicollet, a workforce housing community in the Loring Park neighborhood of Minneapolis. The development provides 183 units of much needed affordable housing, as well as 7,000 sf of retail space.
1500 Nicollet is the first development in Minneapolis and in Dominium’s portfolio to implement income averaging, which allows for affordable housing to serve residents at a variety of income levels. Rents are restricted based on the earnings of the residents, and 1500 Nicollet will serve residents earning between 40% and 80% of the area median income. Additionally, 20% of the apartment homes will be restricted to fair market rent, as determined by the U.S. Department of Housing and Urban Development.
“This innovative housing model is a fantastic way to address the need for affordable housing in Minneapolis,” said Ryan Lunderby, Vice President and Project Partner at Dominium. “Utilizing income averaging allows us to serve populations that we do not usually reach.”
1500 Nicollet was designed to fit in with the historic character of the Loring Park neighborhood. Brick façade, large windows, and open courtyards were included to meet this design goal. The development also features energy-conservation elements such as solar panels, efficient lighting, Energy Star-rated appliances, and high-efficiency mechanical systems. The community includes one story of retail space and six stories of residential studio, one-, two-, and three-bedroom homes.
IN-UNIT AND ON-SITE AMENITIES
The apartment homes at 1500 Nicollet have in-home laundry, stainless steel kitchen appliances, and quartz countertops. Other on-site amenities include underground parking, a fitness center, yoga studio, clubroom, lounge area, party room with kitchen, coffee/tech bar, playground, community plaza, courtyard, and bike storage and repair space.
Because of its location and the number of two- and three-bedroom apartment homes, 1500 Nicollet provides affordable housing for families who work downtown. The community offers many amenities within walking distance as well as convenient access to public transportation. An interactive transit schedule is included on the property.
ABOUT DOMINIUM
Founded in 1972, Dominium is a Minneapolis-based owner, developer, and manager of apartment communities nationwide. With more than 30,000 owned and/or managed units at over 200 sites in 22 states, Dominium is known for creative solutions to unique and challenging development projects, and management expertise. As of 2018, Dominium was ranked second largest owner of affordable housing by Affordable Housing Finance; and 28th in 2019 in NMHC 50 Largest Apartment Owners ranking. For more information, visit www.dominiumapartments.com.
Related Stories
| Jan 28, 2014
First Look: BIG's Honeycomb building for Bahamas resort [slideshow]
BIG + HKS + MDA have unveiled the design for the new Honeycomb building and adjacent plaza in The Bahamas – a 175,000-sf residential facility with a private pool on each balcony.
| Jan 28, 2014
2014 predictions for skyscraper construction: More twisting towers, mega-tall projects, and 'superslim' designs
Experts from the Council on Tall Buildings and Urban Habitat release their 2014 construction forecast for the worldwide high-rise industry.
| Jan 28, 2014
16 awe-inspiring interior designs from around the world [slideshow]
The International Interior Design Association released the winners of its 4th Annual Global Excellence Awards. Here's a recap of the winning projects.
| Jan 24, 2014
Urban Land Institute, Enterprise outline issues in rental housing shortage: Report
Bending the Cost Curve: Solutions to Expand the Supply of Affordable Rentals outlines factors that impede the development of affordable rental housing – causing the supply in many markets to fall far short of the demand.
| Jan 22, 2014
SOM-designed University Center uses 'sky quads,' stacked staircases to promote chance encounters
The New School's vertical campus in Manhattan houses multiple functions, including labs, design studios, a library, and student residences, in a 16-story building.
| Jan 13, 2014
Custom exterior fabricator A. Zahner unveils free façade design software for architects
The web-based tool uses the company's factory floor like "a massive rapid prototype machine,” allowing designers to manipulate designs on the fly based on cost and other factors, according to CEO/President Bill Zahner.
| Jan 8, 2014
Strengthened sprinkler rules could aid push for mid-rise wood structures in Canada
Strengthened sprinkler regulations proposed for the 2015 National Building Code of Canada (NBCC) could help a movement to allow midrise wood structures.
Smart Buildings | Jan 7, 2014
9 mega redevelopments poised to transform the urban landscape
Slowed by the recession—and often by protracted negotiations—some big redevelopment plans are now moving ahead. Here’s a sampling of nine major mixed-use projects throughout the country.
| Jan 3, 2014
World’s tallest vegetated façade to sprout in Sri Lanka [slideshow]
Set to open in late 2015, the 46-story Clearpoint Residences condo tower will feature planted terraces circling the entire structure.
| Dec 31, 2013
BD+C's top 10 stories of 2013
The world's tallest twisting tower and the rise of augmented reality technology in construction were among the 10 most popular articles posted on Building Design+Construction's website, BDCnetwork.com.
