02-07-1994 WS - Laserfiche WebLink

Home Browse Search

02/62/1994 17:38 612-336-4565 MSP PAGE 07 PROJECT DESCRIPTION The Mounds View Senior Apartment Homes are being proposed on the vacant land at the Northwest corner of County Road I and Mounds View Drive, just south of Highway 10. The property is conveniently located close to shopping centers, support services, the library, a city park, and public transportation. Westminster Corporation and MSP Real Estate, Inc. are creating this building exclusively for seniors 62 years and over who enjoy an active, independent life style. Optional meal, nursing, housekeeping, and other support services are available on an independent, individualized basis. This building will be comprised of 80 one-and-two-bedroom units in a three-story elevatored building. The building will be constructed with an attractive low maintenance brick and vinyl exterior. The design also calls for gabled roofs. The building has a "V-shaped" design which provides for a semi- private entryway area. The entryway will contain attractive landscaping for residents' enjoyment. The project will also contain approximately 22 on-grade parking stalls and 54 weather- protected underground stalls. The building will contain a spacious lobby and lounge area with ample space for socializing and gathering. There will be a large community room equipped with a full kitchen and storage capacity to provide maximum flexibility. The building has also set aside space for a library, and arts and crafts area. Each floor will also contain a laundry room as well as additional storage units. Hallways will be well lit with energy saving light fixtures, and each unit will have its own entryway offset to provide residents an area to decorate to their personal taste. The building is contemplated to contain 65% one-bedroom units and 35% two-bedroom units (which may be modified according to feedback from the market study and focus group sessions) . Rents will start at a tremendously affordable rate of $480 for a one-bedroom and $580.00 for a two-bedroom unit. All rents include heat. Underground garage stalls are projected to cost an additional $35. 00/stall. One-bedroom units will be over 670 sq.ft. whereas, two-bedroom units will be over 900 sq.ft. Approximately 75% of the apartment homes will be income restricted. Tenants annual income for a one person household cannot exceed $20,800 and $23,800 for a two person household. These amounts are adjusted annually. The remaining units will have no income restrictions and will thus be rented at market rates. �x .� 3 A ; ,;. `• �v.'"Mrr '-fir., 1 ty '�1 �r dry •��w .• K ;a rC.':as . -+Easy.. Air .....�."�fR R�k.�"S'.iiiir�,a. .. ..,.a . �;a' F ;t� VY • 'r y r -'