The Hinckley City Council recently heard a proposal from Zenith Property Management for a major housing development project.
The company proposes constructing 100 apartments, split among 10-unit buildings, on the property behind the Family Dollar along Barry Ave.
During the presentation, Aaron Schweiger, Zenith's Managing Director, said Hinckley is ripe for development.
"There is a need for housing all along this I-35 corridor. This is your growth area when you look at growth in the state of Minnesota on demographic maps," Schweiger told the council.
According to the proposed plans, the buildings would be split into one and two-bedroom apartments.
"These will be market rate, but these will not be top dollar market rate," Schweiger said.
He anticipates that a two-bedroom apartment will cost around $1,200 a month. Tenants would be responsible for utilities like phone, cable, and electricity. The water bill would be "built-in" to the rent.
"That might sound expensive, but believe me, in the state of today's market conditions, that is cheap."
The single-story apartment buildings would be constructed in phases over three years. He expects the project to cost around $20 to $25 million. The property would have fencing and landscaping to help it blend in with the surrounding area and not encroach on the neighboring properties.
Schweiger said the development would add around $150,000 a year in taxes for the City of Hinckley and Pine County when the project is completed.
Councilmember Jace Scharpnick asked if any part of the development would be Section 8 housing. In response, Schweiger said this development would not offer low-income housing.
During their August meeting, the city council is expected to decide if they will move forward with the project.
If everything goes according to plan, Zenith Property Management says they will start construction next April or May. The first buildings would then be ready within a year.
The proposed layout for the project.