The West building in the Stone Arch apartment complex at 601 SE Main St. will open to renters Monday, Sept. 1, with the East building slated to open in October.
The five-story, loft-style apartment buildings are tucked behind the Stone Arch Bridge landing across the river from Downtown. Forty percent of the 221 units are considered affordable for those making 50 to 60 percent of the metropolitan-area's median income. These units start at $671 for a studio, $719 for a one-bedroom apartment and $862 for a two-bedroom apartment, said Property Manager Jill Halvorson.
The complex is adjacent to Metal-Matic, which has settled a lawsuit with the city over rezoning the area for the new apartments. The pipe manufacturer can continue 24-hour truck traffic area under the terms of the settlement.
More than half of the 130 West building apartments have been rented, while 25 of the 91 East building units are leased.
Both buildings have "green" features to make them more energy-efficient, such as heavily insulated walls designed to keep heating costs down, and motion-detector-operated lights in the hallway and common areas, Halvorson said.
The apartments have concrete ceilings and floors and double-paneled windows designed to drown out the noise from the area's industrial activity. While many apartments face the river, several are a stone's throw from Metal-Matic's windowless factory.
The apartments, which feature 9-foot ceilings and 7-foot-high windows, have walk-in closets and will feature walkout patios once the landscaping is completed.
The $33.5 million development was financed by a $20 million Hennepin County grant, $750,000 in environmental grants and $3.6 million in Minneapolis housing bonds, which include $3.2 million in tax-increment financing. The affordable housing component was key to many of the financing elements.