Fifth Street Lofts

5th Street Lofts north facade

Location

112 Fifth Street (southeast corner of Washington and Fifth streets)

About the proposed building

The goal of the project is to create an urban living project located in downtown Northfield. The building will consist of long lasting building materials creating a façade that is modern yet has historical elements.

The interior of the building will include two levels of parking that will serve both the community as well as residents. The main level entrance will activate the corner of Fifth and Washington with the perception of commercial space. The main level will consist of the lobby, office and fitness facilities for the building.

Living units

Floors two through four will contain 79 living units along with two elevated resident decks located on floors one and four. Approximately 90 percent of the units are planned to be market rate.

  • 33 studios (estimated $820-$1,125 per month)
  • 38 one-bedroom apartments (estimated $879 to $1,275 per month)
  • 8 two-bedroom apartments (estimated $1,500 to $1,600 per month)

Current property

5th Street Lofts project area

Project area includes three lots. 

  • Vacant lot on the southwest corner of 5th and Washington
  • Current bank building and parking lot (Premier Bank to relocate)
  • 510 Washington Street property owned by Mainstreet Properties

Proposed site plan

Fifth Street Lofts site plan

Artist rendering of proposed development. The development will not include the angled on-street parking spots.

Parking

The building will have 63 spots and an entry and exit on Fifth Street. It will be dedicated to tenant parking and will be secured 24 hours a day.

Council actions

Council approved a Tax Increment Financing Redevelopment District for developer on October 1, 2019

5th and Washington TIF Plan (PDF)

Next steps

The EDA will be approving the following on October 24, 2019:

  • Contribution of 510 Washington Street property
  • A $250,000 EDA Revolving Loan to assist with site preparation

Timeline

Groundbreaking is occurring soon. Project completion date is spring 2021.

Related project

Premier Bank relocation

More information

Architectural drawings (PDF)

Stencil Group

Rebound Real Estate

Tushie Montgomery Architects