City of Duluth: Rand, on Cityview Flats Project rent projections

Heather Rand, the City of Duluth’s Director of Business & Economic Development, sent the following eMail to Duluth City Councilors today:

“Some of you have asked for monthly rent information in writing for the proposed Cityview Flats Project by developer MBJ Development Corp. The rents are projected as follows for the 96 units of market rate housing located in downtown/central hillside:

10 Studios at $1145

3 Studios at $835

51 One-bedroom units at $1355

5 One-bedroom units at $940

26 Two-bedroom units at $1835

1 Two-bedroom unit at $1,045

Please note that the above reflects the 9 agreed upon rent restricted units. These units are not income restricted and are smaller in footprint and other amenities than others. There will likely be 60 underground parking stalls available for tenants at a rental cost of $100/month, and a limited number of surface parking stalls will also be available to interested tenants at proposed rate of $60 per month.

If awarded the public assistance, MBJ Development Corporation has agreed to a PLA for the construction of this project which would likely take 14 months, assuming a spring construction start.

Attached as an FYI, are a few of the letters of support the project has received to date from downtown employers that would be incorporated into the grant application to MHFA.

If you have any additional questions, please do not hesitate to direct your questions to me.”

You May Also Like