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
| Oct 17, 2011
Austin's newest urban apartment complex under construction
Complex sits on a four-acre waterfront site along Lady Bird Lake with spectacular city and lake views, and is slated to open spring 2013.
| Oct 12, 2011
FMI’s Construction Outlook: Third Quarter 2011 Report
Construction Market Forecast: The general economy is seeing mixed signs.
| Oct 6, 2011
GREENBUILD 2011: NEXT Living EcoSuite showcased
Tridel teams up with Cisco and Control4 to unveil the future of green condo living in Canada.
| Sep 29, 2011
Kohler supports 2011 Solar Decathlon competition teams
Modular Architecture > In a quest to create the ultimate ‘green’ house, 20 collegiate teams compete in Washington D.C. Mall.
| Sep 23, 2011
$5M pledge renewed for Habitat for Humanity
The five-year commitment, which will run through 2015, includes $5 million of donated interior and exterior locks and keys for homes built with Habitat for Humanity homeowner partners and volunteers.
| Sep 23, 2011
Under 40 Leadership Summit
Building Design+Construction’s Under 40 Leadership Summit takes place October 26-28, 2011 Hotel at the Monteleone in New Orleans. Discounted hotel rate deadline: October 2, 2011.
| Sep 20, 2011
Jeanne Gang wins MacArthur Fellowship
Jeanne Gang, a 2011 MacArthur Fellowship winner described by the foundation as "an architect challenging the aesthetic and technical possibilities of the art form in a wide range of structures."
| Sep 12, 2011
Living Buildings: Are AEC Firms up to the Challenge?
Modular Architecture > You’ve done a LEED Gold or two, maybe even a LEED Platinum. But are you and your firm ready to take on the Living Building Challenge? Think twice before you say yes.
| Jul 22, 2011
Five award-winning modular innovations
The Modular Building Institute's 2011 Awards of Distinction highlight fresh ideas in manufactured construction projects.
