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
Multifamily Housing | Jul 1, 2015
Baby boomers—not Millennials—will drive demand for apartments long term, according to U.S. Fed study
The volatile U.S. multifamily housing market has returned to pre-recession investment levels, driven largely by Millennials putting off home-buying and settling for rentals, but in the long term it will be baby boomers that will drive the market as they downsize.
High-rise Construction | Jun 23, 2015
The world's best new skyscrapers for 2015
One World Trade Center and Abu Dhabi's Burj Mohammed Bin Rashid Tower are among the four towers named Best Tall Buildings by the Council on Tall Buildings and Urban Habitat.
Multifamily Housing | Jun 22, 2015
MAD Architects unveils first U.S. residential project, in Beverly Hills
The “hillside village” edifice will be covered in drought-tolerant vines and succulents.
High-rise Construction | Jun 15, 2015
Cornell Tech breaks ground on world's first Passive House residential high-rise
To achieve Passive House standards, Cornell Tech Residential will incorporate a number of sustainability-focused design elements. The façade, constructed of a prefabricated metal panel system, acts as a thermally insulated blanket wrapping the building structure.
Wood | Jun 2, 2015
Michael Green Architecture designs world's tallest wood building for Paris competition
“Just as Gustave Eiffel shattered our conception of what was possible a century and a half ago, this project can push the envelope of wood innovation with France in the forefront," said architect Michael Green of the project.
Multifamily Housing | Jun 1, 2015
Sacramento moves forward on multifamily project with new modular supplier
Guerdon Modular Buildings will provide modules for 118 apartments.
Multifamily Housing | May 30, 2015
Fannie Mae offers incentives for energy, water efficiency in multifamily buildings
Owners of apartment buildings and cooperatives may be eligible for loans with reduced interest rates for upgrades that reduce their energy or water consumption by at least 20%, under a new Fannie Mae refinancing program.
Multifamily Housing | May 30, 2015
Energy Department releases resources to assess building energy benchmarking policies, programs
The new handbook demonstrates methodologies using real data from New York City.
Multifamily Housing | May 28, 2015
Census Bureau: 10 U.S. cities now have one million people or more
California and Texas each have three of the one-million-plus cities.
Multifamily Housing | May 27, 2015
‘European’ living comes to The Woodlands with its first condo tower
Treviso at Waterway Square will offer a dynamic downtown setting with numerous live/work/play options.