Dominium Celebrates Grand Opening of 1500 Nicollet on December 2

Property News

The Loring Park community is the first housing development in Minneapolis to implement income averaging

Dominium, a Minneapolis-based leading apartment owner, developer and manager, announced today that on December 2 it will celebrate the grand opening of 1500 Nicollet, a workforce housing community in the Loring Park neighborhood of Minneapolis. The development provides 183 units of much needed affordable housing, as well as 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% and 80% of the area median income. Additionally, 20% of the apartment homes will be restricted to fair market rent, as determined by the Department of Housing and Urban Development.

“This innovative housing model is a fantastic way to address the need for affordable housing in Minneapolis,” said Ryan Lunderby, Vice President and Project Partner at Dominium. “Utilizing income averaging allows us to serve populations that we do not usually reach.”

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 spacious 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.

What:       1500 Nicollet Grand Opening
Where:     1500 Nicollet Ave. S., Minneapolis, MN 55403
When:       Monday, Dec. 2, 2019 at 3:30 PM
Who:         Mayor Jacob Frey, Councilmember Lisa Goodman, Constituent Advocate for Senator Klobuchar Gammachis Bokku, CLPC Board member and Land Use Chair Mark Nelson, Dominium Partner and Senior Vice President of Development Mark Moorhouse and Dominium Vice President and Project Partner Ryan Lunderby will be speaking.

Media please RSVP to mrenneke@tunheim.com to attend