Latest news with #Wayzata-based
Yahoo
18-05-2025
- Business
- Yahoo
Delayed Citywalk apartment project seeks creation of TIF district
May 18—ROCHESTER — Tax-increment financing support for a proposed 13-story, 340-unit apartment complex on Second Street Southwest is being considered after years of development discussion. The Rochester City Council, acting as the city's economic development authority, will be asked Monday to approve the creation of a TIF district that could support the project dubbed Citywalk Apartments. Proposed for the southwest corner of the Sixth Avenue Southwest intersection with Second Street, the project has grown in size over the years , starting with a 131-unit proposal in 2021. A report prepared by Rochester Strategic Initiatives Director Josh Johnsen states the anticipated $149.9 million development project — now led by St. Louis Park-based Reuter Walton Development — is hoping to break ground by the end of the year, if TIF support is approved. Potential TIF support will require the City Council to create a specified TIF district on the site, after agreeing the existing buildings that would be replaced are structurally substandard. A public hearing, set to be held toward the end of the council's regular 6 p.m. meeting Monday in council chambers of the city-county Government Center, is planned to take input on the proposed TIF plan. Johnsen states a potential TIF agreement is expected to include a call to maintain two adjacent apartment buildings — 225 Sixth Ave. SW and 620 Second St. SW — as "naturally occurring affordable housing." The plan would require the developers to enroll the properties in an Olmsted County program that requires maintaining specific rent levels in exchange for a reduced tax classification. "This will preserve 76 units of naturally occurring affordable housing for a period of 20 years, ensuring long-term affordability in an area experiencing increasing demand and rising housing costs," Johnsen wrote of the proposed agreement. "By preserving affordability in such close proximity, this project ensures that frontline healthcare workers and support staff can continue to live near their place of employment." Johnsen states that maintaining the existing housing will help provide housing for people of varying incomes within blocks of the planned Mayo Clinic' "Bold. Forward. Unbound. in Rochester" expansion. "These units offer critical affordability within walking distance of downtown jobs, services, and transit, helping to reduce commuting burdens and support a vibrant, mixed-income urban core," he wrote to the council. The proposal comes months after Wayzata-based DM Cos, which led earlier development efforts, purchased a 10-unit boarding house at 219 Sixth Ave. SW for $1.4 million to clear the way for construction of the Citywalk project. DM Cos. is listed as the provider of property management and maintenance services for the Citywalk projects in materials sent to the City Council ahead of Monday's economic development authority meeting. The report sent to the council doesn't put a dollar amount on potential TIF support for the proposed Citywalk project, but it notes the amount will be included in a future development assistance agreement. The plan does point to the potential for 25 years of collecting TIF, which uses property taxes collected on increased values as a property is developed. While local entities would continue to collect property taxes, anything beyond the level collected when a TIF district is created becomes available to support development, if a financing gap is documented. Johnsen said the property's current assessed value of nearly $3.2 million is expected to increase to $86 million once the project is completed, with opening targeted by 2028. Meetings scheduled to be held during the week of May 19 include: Rochester —City Council, 6 p.m. Monday in council chambers of the city-county Government Center, 151 Fourth St. SE. The meeting will livestream at and be available on Spectrum cable channel 180 or 188. The council will also meet as the city's economic development authority. —Public Utility Board, 4 p.m. Tuesday in the Rochester Public Utilities community room, 4000 East River Road NE. —Public Music Board, 4 p.m. Tuesday in room 320 of City Hall, 201 Fourth St. SE. —Library Board, 4:30 p.m. Wednesday in the first-floor meeting room of the Rochester Public Library, 101 Second St. SE. Olmsted County —Physical Development Committee, 1 p.m. Tuesday in conference room 1 of the Government Center. —Health, Housing and Human Services Committee, 2:30 p.m. Tuesday in conference room 2 of the Government Center. —Administrative Committee, 4 p.m. Tuesday in conference room 1 of the city-county Government Center. —Board of County Commissioners, 6 p.m. Tuesday in the board chambers of the Government Center. —Sheriff's Civil Service Commission, 8 a.m. Wednesday with the location to be posted at —Soil and Water Conservation District Board, 8 a.m. Thursday in conference room 109 at 1188 50th St. SE Rochester Rochester Public Schools —School Board, 5:30 p.m. Tuesday in the boardroom of the Edison Building, 615 Seventh St. SW. Destination Medical Center —DMC Corp. Board, 9:30 a.m. Thursday at Mayo Civic Center, 30 Civic Center Drive SE —DMC Corp. Board collaborative session with the Rochester City Council, Olmsted County Board of Commissioners and DMC Economic Development Agency board, 1:30 p.m. Thursday in the fourth-floor ballroom of Hilton Rochester Mayo Clinic, 10 E. Center St.
Yahoo
22-02-2025
- Business
- Yahoo
Wayzata wellness shop Jewelweed has closed, but hopes to reopen 'this spring'
Wayzata-based wellness store Jewelweed, which sold herbal medicine, body care products, and crystals, has closed but is searching for a new home. The business announced the news last month on social media. "Thank you all for the overwhelming support," a social media announcement read, which added that it was open for less than 20 days in January but had its best month of sales ever. "Literally hundreds of you came by to shop our sale and wish us well." The store has shared that it plans to reopen in a new location at some point "this spring." Nonetheless, "saying goodbye was hard," the shop wrote on Facebook. "We loved this little corner shop with its lake breezes and spectacular sunsets." Jewelweed did not respond to a request for comment. It has not yet offered details of where it may open next and whether it will stay in Wayzata when it reopens.
Yahoo
07-02-2025
- Business
- Yahoo
106-year-old Rochester house sold for $1.41 million to clear way for 12-story apartment complex
Feb. 7—ROCHESTER — The $1.41 million sale of a 106-year-old boarding house clears the way for the construction of a 12-story apartment tower in southwest Rochester. Wayzata-based developer DM Cos. purchased the 10-unit boarding house at 219 Sixth Ave. SW on Jan. 31. Noser Holdings, owned by Rochester landlord Britt Noser, sold the property, which was originally built in 1919 by former Rochester Mayor Martin Heffron. The developer plans to build Citywalk Apartments, a 12-story complex with 361 units, on that land. Noser commented that he was uneasy about selling to the developer, but he just couldn't, as one person, face down the project supported by the City of Rochester and Destination Medical Center. "I sold it because it made the most financial sense for my family," he said. "I bought it as a business. I couldn't choose emotion over opportunity." Noser purchased the property in 2011 for $315,000. Eight of the 10 units are still occupied. Once all of the tenants have moved out, Noser has salvage rights for parts of the building. Olmsted County estimated the total market value of the building and land at $868,600 for 2024-2025, which is up from $451,400 in 2023-2024. This is the latest of the properties at the corner of Second Street Southwest and Sixth Avenue purchased by the developer. The Wayzata firm also owns 2nd Street Villas, the small retail center on the corner and the former Just Rite Foods building on that block.
