Images have been submitted to the Metropolitan Development and Housing Agency related to a residential building that will carry an affordable housing component.
Minneapolis area-based Dominium is seeking to undertake the 255-unit project at 900 Dickerson Pike. The company recently landed the MDHA Joint Finance and Development Committee related to a payment in lieu of taxes (PILOT) agreement with Minneapolis area-based Dominium. The approval will allow MDHA to provide the company tax abatements in an equity amount of about $17.97 million.
Of note, the property sits at the intersection of Dickerson and Cleveland Street, with the latter to be extended under the interstate to connect to River North and the East Bank in a move related, in part, to the future Oracle campus project.
Dominium will still need full MDHA Board of Commissioners approval in June. The company will go before the MDHA Design Review Committee on Tuesday to seek approval of the project concept plan and exterior design.
The site is located within the MDHA Skyline Redevelopment District and, as such, DRC approval is needed.
The seven-story building will offer 159 studio/one-bedroom units, 65 two-bedroom units and 31 three-bedroom units, with all units to be subject to income and rent restrictions. To qualify, renters will earn no more than 60 percent of the area median income. A 308-space parking garage will be included.
Dominium has enlisted Nashville-based Smith Gee Studio (architecture), Nashville-based Catalyst Design Group (land-planning and engineering) and Franklin-based Genesis Engineering to work on the project.
An LLC affiliated with local real estate investor Myron Dowell owns the unimproved property. At one time, Dowell said he envisioned a project called The 900, to have included 50 condominiums and some commercial space.