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Minneapolis-based Sherman Associates expects to break ground on the new Riverdale Station Apartments, located next to the Northstar Commuter Rail station on Northdale Boulevard (behind Target), in the spring. The Coon Rapids City Council gave final plat approval for the project in December.
The project includes a four-story 184-unit market rate apartment building, a four-story 71-unit mixed-income apartment building and a small retail component. A second phase, which includes a senior apartment building, is likely to break ground shortly after the first two buildings.
The apartments will include many amenities, including a dog run, playground equipment, underground parking, walking paths and improved access to the transit station. The market rate units will have rents between $1,200 and $1,750 per month and the affordable units will have rental rates between $800 and $1,200 per month.
The apartments will be oriented toward empty-nesters, professionals, and other area households, particularly those who use Northstar commuter rail. The 57 affordable apartments will be restricted to households earning 60% of median income, which translates to over $50,000 for a family of four. Including the affordable apartments in the overall project was critical to attracting funding sources to construct this contemporary project with a high-level of amenity.