On June 27, 2019, the Economic Development Authority heard from development partners Rebound Real Estate and the Stencil Group on a proposed $14.2 million project for a 79-unit apartment complex with additional parking. The proposed project is located at 112 Fifth Street, which is the southeast corner of Washington and Fifth streets.
The developers outlined three primary reasons for bringing this development forward:
The developers have provided a letter of intent to the property owners to purchase their land for this project and received positive feedback.
One of the next steps for the developers will be submitting a business subsidy request to the City of Northfield. The Economic Development Authority will be reviewing that application and providing recommendation to City Council. The public will have an opportunity to comment on the project during any public hearings that may occur for the financial request. The developer will be presenting the project to the Northfield City Council on July 23, 2019.