$28.5M Adora Apartments eyed for Bloomington land
Twin Cities developer JO Cos. has proposed a $28.5 million, 52-unit affordable housing project called Adora Apartments on three city-owned parcels in Bloomington.[1]
The proposal targets parcels at 7920, 7930 and 7940 13th Ave. S. and asks for $372,000 in TIF (net present value) plus $300,000 in HRA assistance to help buy the land.[1] The five-story building would offer one- to four-bedroom homes with an income mix of 10 units at 30% of area median income, three at 50% AMI and 39 at 60% AMI.[1]
The site is currently vacant and had a combined assessed value of $695,000 in 2022.[1] If the city approves the deal, JO Cos. could buy the land in winter 2027, begin construction in fall 2027 and aim to complete the project by fall 2028.[1]
The mainstream summary does not mention the significant gap in affordable housing availability in Hennepin County, where there are 53,090 households earning below 30% of the area median income but only 18,705 affordable housing units available for them. This stark statistic underscores the urgent need for projects like Adora Apartments, which aims to provide units specifically for lower-income residents. Hennepin County's data highlights the broader context of the housing affordability crisis that the proposed development seeks to address, a perspective that is absent from the mainstream coverage.
Furthermore, while the summary presents the project as a straightforward development initiative, it overlooks the structural challenges contributing to the housing affordability crisis. Economists Edward L. Glaeser and Joseph Gyourko argue that restrictive zoning and land use controls significantly drive up housing costs by limiting supply. This insight from their research suggests that the proposed project is not just a local endeavor but part of a larger conversation about how zoning laws impact housing affordability across the region. Such structural explanations provide a deeper understanding of the challenges facing affordable housing initiatives, which the mainstream summary does not fully capture.[2][3]
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📊 Relevant Data
Hennepin County has 53,090 households below 30% of area median income but only 18,705 affordable housing units for them.
Hennepin County Housing — Hennepin County
📌 Key Facts
- JO Cos. proposes the 52‑unit Adora Apartments on three city‑owned parcels at 7920, 7930 and 7940 13th Ave. S. in Bloomington.
- Total project cost is estimated at $28.5 million, with a request for $372,000 in TIF (NPV) and $300,000 in HRA assistance toward land acquisition.
- The income mix includes 10 units at 30% AMI, three at 50% AMI and 39 at 60% AMI in a five‑story building of one‑ to four‑bedroom units.
- The land’s combined assessed value was $695,000 in 2022, and the site is currently vacant.
- If approved, land purchase could occur winter 2027, with construction starting fall 2027 and completion targeted for fall 2028.
📰 Source Timeline (1)
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