What's Happening?
A new 75-unit workforce apartment project, North Shore Flats, is set to begin construction in Two Harbors, Minnesota, marking the first new apartment building in the city in over 20 years. The $17.4 million development, spearheaded by Vision Inc., aims
to provide housing for seniors, families, and local workers. The project has received approval for tax abatement financing and is expected to start in March. Located on a 5-acre site, the development will offer a mix of studio, one-bedroom, and two-bedroom apartments, with amenities such as private balconies, in-unit laundry, and a 24-hour gym. Five units will be designated for low-to-moderate income households.
Why It's Important?
The North Shore Flats project is crucial for addressing the housing crisis in Two Harbors, driven by a growing tourism industry and proximity to Duluth. The development is expected to provide much-needed housing options for local workers and seniors, potentially freeing up single-family homes in the area. The project is also seen as a 'game-changer' for local employment opportunities, as it could attract and retain workers in the region. The initiative highlights the broader need for diverse housing types to support economic growth and community stability in Lake County.
What's Next?
Construction of the North Shore Flats is scheduled to begin in March, with developers committed to moving forward. The project is part of a larger effort to stimulate housing production in the region, supported by the Lake County Housing Trust Fund. This fund offers developers low-interest loans, making it financially attractive to invest in new housing projects. As the project progresses, it may serve as a model for similar developments in the area, potentially encouraging further investment in housing infrastructure.
