Council OKs More High-end Senior Housing in Heart of the City, TIF Likely
Developers of Applewood Pointe, a complex catering to affluent retirees, have asked for financial assistance from the city.
Burnsville's Heart of the City could soon be host to a new, upscale senior co-operative—Applewood Pointe. Tuesday, the developer, United Properties, made a pitch to the mayor and council for what would be its eighth Twin Cities location. The proposed four-story building would sit just behind Uptown Landing on Burnsville Parkway East. Each share in the 52-unit building would cost an average of $290,000. Unlike a condo owners, co-op members own a chunk of the master mortgage for the entire building. They pay a monthly fee that includes their share of the mortgage, maintenance and utilities for the complex as a whole. Only those 62 and over would be eligible to live in the complex. The structure of a co-op program also allows the governing …
Otis Blockhus
2:27 am on Monday, March 18, 2013
The City should no more contribute to affluent senior housing than to less fortunate senior housing. Maybe not in the struggling Heart of the City but in Burnsville regardless. more ›