Public Hearing: Preliminary Rezoning from PCD-3, Planned Commercial Development, to PUD, Planned Unit Development, at 4040 W 70th Street
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This project was approved at the June 15, 2021 City Council meeting 5-0.
4040 West 70th Street Apartments LLC is requesting a Rezoning from PCD-3, Planned Commercial District 3 to PUD, Planned Unit Development . The applicant would tear down the existing office building and construct a new three-four story 118 senior affordable housing project with underground parking and a small surface parking lot. The site is currently zoned PCD-3, Planned Commercial District. Multi-family residential uses are conditionally permitted. The PUD Zoning would ensure long term affordable housing and provide flexibility in setbacks and floor area ratio.
The proposed development at 4040 W. 70th is 100% affordable senior housing. As with all 100% affordable housing developments, there will be some public investment as the rents are not sufficient to leverage the debt needed to construct a building. The Edina Housing Foundation borrowed money from the Edina HRA to acquire the site which they are contributing to the development through a ground lease. This will assure the housing remains affordable for 99-years. At this stage there is no direct financing from the City/HRA to the development. The HRA did lend the Foundation $3.65M which is secured through Loan Documents. The Developer is seeking financial investments from a variety of public sources. None of these have been finalized. The City of Edina has not yet received a financing application, although one could be forthcoming. Tax abatement has not been discussed.
This project was approved at the June 15, 2021 City Council meeting 5-0.
4040 West 70th Street Apartments LLC is requesting a Rezoning from PCD-3, Planned Commercial District 3 to PUD, Planned Unit Development . The applicant would tear down the existing office building and construct a new three-four story 118 senior affordable housing project with underground parking and a small surface parking lot. The site is currently zoned PCD-3, Planned Commercial District. Multi-family residential uses are conditionally permitted. The PUD Zoning would ensure long term affordable housing and provide flexibility in setbacks and floor area ratio.
The proposed development at 4040 W. 70th is 100% affordable senior housing. As with all 100% affordable housing developments, there will be some public investment as the rents are not sufficient to leverage the debt needed to construct a building. The Edina Housing Foundation borrowed money from the Edina HRA to acquire the site which they are contributing to the development through a ground lease. This will assure the housing remains affordable for 99-years. At this stage there is no direct financing from the City/HRA to the development. The HRA did lend the Foundation $3.65M which is secured through Loan Documents. The Developer is seeking financial investments from a variety of public sources. None of these have been finalized. The City of Edina has not yet received a financing application, although one could be forthcoming. Tax abatement has not been discussed.
