Golden Valley Moves Ahead with 303-Unit Apartment Complex
Golden Valley residents can expect to meet some new neighbors after the city approved a large apartment complex for construction.
The Golden Valley City Council approved construction plans for a 303-unit apartment complex proposed by Sentinel Management and Monarch Commercial Real Estate.
Financial experts estimate the market value of the finished complex will be $109 million.
It’s planned for construction near the corner of Wisconsin Avenue and Golden Valley Drive.
Two buildings — a Wells Fargo branch and a Park Nicollet building — will be demolished on the site before construction can begin.
The Golden Valley City Council approved construction plans for a 303-unit apartment complex near Wisconsin Avenue and Golden Valley Drive
46 Affordable Units in Apartment Complex
The complex will have 46 of its 303 units affordable for renters with 60 percent of area median income. The city is requiring those units to stay affordable for at least 20 years.
It’s the first housing development built under Golden Valley’s mixed income housing policy. The policy is intended to boost affordable housing development in the city. It requires developers to include affordable housing units in large complexes that request financial assistance or zoning changes from the city.
The council approved an $11.2 million tax increment financing deal for the project.
“I think it’s a huge leap forward for our commitment to affordable housing,” said Golden Valley City Council Member Denise La Mere-Anderson. “I’m very excited about this project, which looks like a fantastic development that I think anyone would be excited to live in.”
Some neighbors spoke against the project in previous city meetings. They expressed concerns about the shadows cast by the five-to-six story complex. They also had concerns about a potential increase in crime or traffic.
The council said that even if some aspects of the project aren’t perfect, the city needs new housing options.
“We all know there’s an affordable housing crisis right now,” said Golden Valley City Council Member Gillian Rosenquist. “To be able to move pretty quickly on this and add 46 units, even if it’s not checking every box on our wish list, is really a great way that we’re contributing to dealing with that.”
The developer is also planning to construct a new Wells Fargo branch next to the complex.
The council still has to approve a permit for the drive-through at the bank before the project can move forward.
Related: Golden Valley Planning Commission Reviews Initial Plans for 302-Unit Apartment Building
