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
| Dec 27, 2013
$1 billion 'city within a city' development approved by Coachella, Calif., city council
The mega development includes 7,800 homes, a retail center, office space, and nearly 350 acres of open space.
| Dec 23, 2013
MBI commends start of module setting at B2, world's tallest modular building
The first modules have been set at B2 residential tower at Atlantic Yards in New York, set to become the tallest modular building in the world.
| Dec 20, 2013
Can energy hogs still be considered efficient buildings? Yes, say engineers at Buro Happold
A new tool from the engineering firm Buro Happold takes into account both energy and economic performance of buildings for a true measure of efficiency.
| Dec 13, 2013
Safe and sound: 10 solutions for fire and life safety
From a dual fire-CO detector to an aspiration-sensing fire alarm, BD+C editors present a roundup of new fire and life safety products and technologies.
| Dec 10, 2013
16 great solutions for architects, engineers, and contractors
From a crowd-funded smart shovel to a why-didn’t-someone-do-this-sooner scheme for managing traffic in public restrooms, these ideas are noteworthy for creative problem-solving. Here are some of the most intriguing innovations the BD+C community has brought to our attention this year.
| Dec 4, 2013
First look: Dubai's winning bid for World Expo 2020 [slideshow]
Dubai has been chosen as the site of the 2020 World Expo. HOK led the design team that developed the master plan for the Expo, which is expected to draw more than 25 million visitors from October 2020 through April 2021.
| Nov 27, 2013
Exclusive survey: Revenues increased at nearly half of AEC firms in 2013
Forty-six percent of the respondents to an exclusive BD+C survey of AEC professionals reported that revenues had increased this year compared to 2012, with another 24.2% saying cash flow had stayed the same.
| Nov 27, 2013
Wonder walls: 13 choices for the building envelope
BD+C editors present a roundup of the latest technologies and applications in exterior wall systems, from a tapered metal wall installation in Oklahoma to a textured precast concrete solution in North Carolina.
| Nov 26, 2013
Construction costs rise for 22nd straight month in November
Construction costs in North America rose for the 22nd consecutive month in November as labor costs continued to increase, amid growing industry concern over the tight availability of skilled workers.
| Nov 25, 2013
Building Teams need to help owners avoid 'operational stray'
"Operational stray" occurs when a building’s MEP systems don’t work the way they should. Even the most well-designed and constructed building can stray from perfection—and that can cost the owner a ton in unnecessary utility costs. But help is on the way.