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With help from Richfield, developers plan affordable apartments near MSP

via Star Tribune

“A team of Twin Cities developers is putting the final touches on a plan to build an unusual apartment complex that will bring much-needed affordable housing to a key site in Richfield.

The proposed Chamberlain will have 316 rental apartments in six three-story buildings, including three that are existing and will be renovated. The $65 million project is the first joint venture between Kraus-Anderson and Inland Development Partners, which hired UrbanWorks to design the building.”

“Richfield Community Development Director John Stark said the project is also part of a long-term effort to create a new 16-block parkway that extends between the city’s north and south borders. The project will represent a two-block section of the parkway.

‘We envision it being similar to Minnehaha Parkway in south Minneapolis, without the creek,’ Stark said.”

“Though rents haven’t yet been established, 20 percent of the units will be available to people who earn half the median area income; the remainder of the units will have rents that are expected to be below market rate for comparable new units the area, according to Matt Alexander, vice president of development for Kraus-Anderson Development.” Read More