BC council interested in apartments at 61st, Brooklyn Boulevard

[Originally published on Hometown Source, written by Kevin Miller: View Source]

New developer proposes 83 affordable units on less than 2-acre parcel

A developer is proposing a new, affordable apartment development on city-owned parcels at 61st and Brooklyn Boulevard, with public funding proposed as a necessary component of the funding equation and an emphasis on three-bedroom units.

The developer, JO Companies, brought the concept forward for a non-binding review at the Brooklyn Center City Council’s Jan. 27 work session. A concept review does not obligate that either the city or developer move ahead with the project, but it allows the council and developer to discuss the project.

With three of the five city council members in attendance, all three indicated they were interested in advancing the project.

Previously, Coalition Development LLC, née Thor Living LLC, had planned to build a 113-unit, mixed-income building at the site. While preliminary development agreements and purchase agreements for the site were approved in 2018, Coalition was unable to meet the conditions of the purchase agreement before its expiration date, and the site was again opened to proposals.

The site, which has four parcels totaling 1.79 acres, has been acquired by the city over a period of years as part of the plan for redevelopment along the Brooklyn Boulevard corridor.

The proposal is for a four-story, 83-unit apartment complex that would run lengthwise down 61st Avenue. The complex would have 15 one-bedroom units, 28 two-bedroom units and 45 three-bedroom units. All of these units would be affordable at either 50% or 60% of the area median income, as calculated by the Department of Housing and Urban Development. The developer would also apply for project-based Section 8 funding for 25% of the units, further increasing their affordability.

Proposed amenities would include community gardens, a fitness center, a community center, balconies and in-unit washer and dryers. The units would also be pet-friendly.

The building would have a mix of underground and surface parking for residents.

The estimated $22.5 million project would require public funds to be financially viable. The first mortgage for the site would be approximately $12 million, while the remaining funds are proposed to potentially come from low-income housing tax credit equity, tax-increment financing, Hennepin County’s Affordable Housing Incentive Funds, and HOME Investment Partnerships.

Generally, the council spoke in favor of moving forward with the development. Mayor Mike Elliott and Council members April Graves and Dan Ryan all said they were in support of the project and spoke to the need for three-bedroom units.