Dominium, a Minneapolis-based apartment owner, developer and manager, is celebrating the grand-opening today of 1500 Nicollet, a workforce housing community in the Loring Park neighborhood of Minneapolis. The development provides 183 units of affordable housing and 7,000 square feet of retail space.
1500 Nicollet is the first development in Minneapolis and in Dominium’s portfolio to implement income averaging, which allows for affordable housing to serve residents at a variety of income levels. Rents are restricted based on the earnings of the residents, and 1500 Nicollet will serve residents earning between 40 percent and 80 percent of the area median income. Additionally, 20 percent of the apartment homes will be restricted to fair market rent, as determined by the Department of Housing and Urban Development.
1500 Nicollet was designed to fit in with the historic character of the Loring Park neighborhood. Brick façade, large windows and open courtyards were all included to meet this design goal. The development also features energy-conservation elements such as solar panels, efficient lighting, Energy Star-rated appliances and high efficiency mechanical systems. The community includes one story of retail space and six stories of residential studio, one, two and three-bedroom homes.
The apartment homes at 1500 Nicollet include in-home laundry, stainless steel kitchen appliances and quartz countertops. Other amenities on-site include underground parking, a fitness center, yoga studio, clubroom, lounge area, party room with kitchen, coffee/tech bar, playground, community plaza, courtyard and bike storage and repair space.
Because of its location and the number of two and three-bedroom apartment homes, 1500 Nicollet provides affordable housing for families who work downtown. The community offers many amenities within walking distance as well as convenient access to public transportation. An interactive transit schedule is included on the property.
