News Flash

Economic Development

Posted on: July 11, 2019

EDA discusses a 79-unit urban living project

Fifth Street Lofts exterior drawing

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:

  1. Demand for housing is high. The developers commissioned a market study in housing in the Northfield area and found the apartment vacancy rate is .3%. The study showed a need for 350 apartments units over the next few years.
  2. Redevelopment opportunity. The project would create desired density and higher and best use of the property in the downtown area.
  3. Economic driver. The project will create an opportunity to live and work in the community, increase property taxes, and increase the cycle of local dollars by living and spending money in the downtown area.

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.

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