ROCHESTER, Minn. (FOX47) – Construction may already be underway, but the official groundbreaking ceremony for Rochester’s newest innovative project to address affordable housing was held Thursday morning.
The $20 million mixed-income complex will hold 164 units and is in a more industrial part of town at 3731 Technology Drive NW.
Developers say the complex’s location will keep prices low, allowing 40% of the units to be priced for individuals earning $40 thousand a year (approximately $1150 a month for a two bedroom apartment).
Rochester City Council President Randy Staver said the groundbreaking was a team effort.
“The exciting thing about this particular project is the city of Rochester can’t do this on our own, we just don’t have the resources. That’s why this is so exciting to see public and private and non-profit organizations come together to provide the financing and the development skills to make a project like this a reality.”
Staver also says he hopes this project will serve as a template for more innovative housing options in the future.
Technology Park is expected to be fully completed by the end of 2019.