Developer unveils six-story, 101-unit apartment building for North Mankato

NORTH MANKATO The developer of the Marigold project in North Mankato unveiled a new project Tuesday that would bring a $16 million, six-story, 101-unit rental housing complex to lower North Mankato.

With mostly one- and two-bedroom units, the complex would aim for higher-end renters those making $50,000 a year or more with rents estimated at $1,100 to $1,800 per month.

The developer will seek an estimated $1.8 million in tax-increment financing spread over 24 years to help finance the project.

Van Moody built and opened the first phase of the development just over a year ago and had planned two future phases. Architect Bryan Paulsen told the North Mankato Port Authority on Tuesday that the proposal combines phase two and part of phase three with the plan being called Marigold 2.5.

Sometimes bigger is more cost effective. Thats the case here, Paulsen said of the proposal.

The building would include underground parking, along with some covered parking on the first level as well as outdoor parking. The first floor would also contain a lobby, bar/lounge area for tenants, and a fitness room.

The five stories of housing would include amenities such as granite countertops and individual balconies on each room.

City Administrator Wendell Sande said details of the proposal will be firmed up during the next 60 to 90 days after which Moody will have firm budget numbers and a formal financial proposal for the city.

U.S. Bank is providing primary financing and President Todd Loosbrock said the bank is continuing to do its due diligence on the loan package.

If the financing and other details come together in the next three months, construction could begin in July with the building opening in 2013.

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Developer unveils six-story, 101-unit apartment building for North Mankato