A Saint Paul based developer is pitching a plan to construct a large apartment building in the southern part of Coon Rapids.
This week, the City Council met in a work session to learn more about the project which would involve the construction of a four-story, 184 unit apartment building near 94th Lane and Springbrook Drive just west of Highway 47. The developer, Real Estate Equities, is looking to the city for tax increment financing to fund part of the project which is located in Port Evergreen.
"In Coon Rapids, we have not seen a lot of apartment construction in recent years, says Matt Brown, Community Development Specialist. "We have a lot of apartments that were built in the 70s and 80s, we haven't seen a lot of newer apartments so we're pretty excited to see a more contemporary building and, also, it's important to note that the vacancy rate for apartments is very low in Coon Rapids and really across the region so it's not a surprise that we are seeing some interest among developers constructing new apartments."
The project still needs to go through the planning approval process and the City Council would need to approve the creation of a new TIF district. All of the units would be affordable to households earning 60 percent of the area median income, which is just over $56,000 for a family of four.