Golden Valley leaders have approved what will be one of the city’s largest apartment buildings, with dozens of units targeted toward lower-income renters.
The City Council signed off last week on the building, which is the first approved under a five-year-old policy that encourages apartment buildings with units affordable to lower-income people. In the planned building on Golden Valley Road near the intersection of Wisconsin Drive, 46 of 303 apartments will be affordable for people earning 60% of the area median income — less than $75,000 a year for a family of four, or $52,500 a year for a single person.
“We know that in the state there is a great need for affordable housing,” said Cherie Shoquist, Golden Valley’s housing and economic development manager. “To be economically diverse and provide housing options for a variety of levels of rental density makes sense for us.”
The affordable apartments in the building will be priced at just under $1,400 for a one-bedroom to $1,938 for a three-bedroom. The building alone would almost completely fulfill the Metropolitan Council’s goals of 48 new apartments in Golden Valley at those prices.
The apartment building will be a major…
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