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June 28, 2012

Downtown construction of apts. and co-op rolls on

06282012rochmarketplace1Following the demolition of one of the University Village Inn buildings, the Metropolitan Market Place construction crews are working in a big, now-open space at First Avenue and Sixth Street Southwest.

Meanwhile, at the other end of the First Avenue block, work on the Metropolitan Market Place plunges ahead.

The La Crosse, Wis.-based Gerrard Corp. is building the four-story apartment complex with the new People’s Food Cooperative grocery store on the main level.

06282012rochmarketplace2It will have 62 apartments will all of the dust settles.

To encourage economic development, the City of Rochester sold the former Minnesota Energy building at 519 First Ave. S.W. to Gerrard for the symbolic price of $1, also on March 30.

The city hopes to recoup its investment in the property through a tax increment financing district set up for the project. The city bought the building in 2008 for $750,000.

Comments

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So the city gifts a private developer $.75 million to encourage development while at the same time just a couple blocks away they shoot down the Hamilton's proposed 55 units downtown. Was it because the Hamilton project didn't involve the city giving away more money?

It's great to see that area be redeveloped. Kind of an eye sore as a gateway to Soldiers Field and the memorial. Will be interesting to see what the area looks like in 20 years. Hmmmm . . . .

Allen, not sure if it's the same project but sounds close. Seems like there's a good local contingency not wanting that complex built: https://www.facebook.com/GatewayToPillHill

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