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
Cladding and Facade Systems | Sep 22, 2023
5 building façade products for your next multifamily project
A building's façade acts as a first impression of the contents within. For the multifamily sector, they have the potential to draw in tenants on aesthetics alone.
Sponsored | Multifamily Housing | Sep 21, 2023
5 Helpful Resources for Designing & Building with Engineered Wood
From in-depth, technical publications with detailed illustrations and examples to in-person consultations with engineered wood specialists, APA offers a host of helpful resources for commercial designers and installers working with engineered wood.
MFPRO+ Blog | Sep 21, 2023
The benefits of strategic multifamily housing repositioning
With the rapid increase in new multifamily housing developments, owners of existing assets face increasing competition. As their assets age and the number of new developments increases seemingly day-by-day, developers will inevitably have to find a way to stay relevant.
Mixed-Use | Sep 20, 2023
Tampa Bay Rays, Hines finalize deal for a stadium-anchored multiuse district in St. Petersburg, Fla.
The Tampa Bay Rays Major League Baseball team announced that it has reached an agreement with St. Petersburg and Pinellas County on a $6.5 billion, 86-acre mixed-use development that will include a new 30,000-seat ballpark and an array of office, housing, hotel, retail, and restaurant space totaling 8 million sf.
Engineers | Sep 15, 2023
NIST investigation of Champlain Towers South collapse indicates no sinkhole
Investigators from the National Institute of Standards and Technology (NIST) say they have found no evidence of underground voids on the site of the Champlain Towers South collapse, according to a new NIST report. The team of investigators have studied the site’s subsurface conditions to determine if sinkholes or excessive settling of the pile foundations might have caused the collapse.
MFPRO+ Research | Sep 11, 2023
Conversions of multifamily dwellings to ‘mansions’ leading to dwindling affordable stock
Small multifamily homes have historically provided inexpensive housing for renters and buyers, but developers have converted many of them in recent decades into larger, single-family units. This has worsened the affordable housing crisis, say researchers.
Adaptive Reuse | Aug 31, 2023
New York City creates team to accelerate office-to-residential conversions
New York City has a new Office Conversion Accelerator Team that provides a single point of contact within city government to help speed adaptive reuse projects. Projects that create 50 or more housing units from office buildings are eligible for this new program.
Multifamily Housing | Aug 24, 2023
A multifamily design for multigenerational living
KTGY’s Family Flat concept showcases the benefits of multigenerational living through a multifamily design lens.
Multifamily Housing | Aug 23, 2023
Constructing multifamily housing buildings to Passive House standards can be done at cost parity
All-electric multi-family Passive House projects can be built at the same cost or close to the same cost as conventionally designed buildings, according to a report by the Passive House Network. The report included a survey of 45 multi-family Passive House buildings in New York and Massachusetts in recent years.