This article originally appeared in the Minneapolis/St. Paul Business Journal on November 5, 2015. Written by Mark Reilly.
The Rochester, Minn., City Council has approved initial plans for The Buckeye, a six-story, 92-unit apartment complex at the site of a decades-old liquor store.
Finance & Commerce has a report on the vote, held earlier this week, which gave a boost to the $17 million project by South Dakota developer Stencil Group.
Stencil wants to redevelop an area at the corner of Third Avenue Southeast and Fourth Street Southeast, across from the Rochester Downtown Farmers Market. It bought the building occupied by the Buckeye Liquor store for $600,000 earlier this year; the liquor store plans to move a few blocks away.
Twenty percent of the units will be set aside for affordable housing, which prompted one council member to call it a "watermark for other projects to live up to," according to a report in the Rochester Post-Bulletin.
At the same meeting The Buckeye was approved, the Rochester City Council delayed a decision on a proposed Holiday Inn project near The Mayo Clinic Hospital, Saint Mary's Campus.
Rochester, which is in the early stages of a multibillion-dollar development effort built around what's called the Destination Medical Center (DMC), has been looking to boost downtown residential options. DMC leaders expect Rochester’s population will nearly double over the next two decades to 200,000, but so far there aren't many places for them to live.