by Grand Forks Herald
July 17, 2011 at 5:53 pm in Grand Forks Herald
Construction of a new four-story building has risen out of the rubble of the former Civic Auditorium on the western edge of downtown Grand Forks. Continue Reading
Tags: Civic Auditorium, GF and EGF, griggs square, housing, North Dakota, northern heights 8 Comments »
Whoa!!! 6.2 and 5.5 million dollar complexes? What are these apartments going for, and where’s the big paying jobs to afford that? I haven’t had to rent in many years so I don’t know the going rate now days, but I’m guessing apartments like this must have to come in somewhere between $1500 & $2000 or more per month for them to recoup cost and make a profit before the building starts wearing down from age. That’s some serious cash for renting….Or isn’t it all that outlandish today?
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I looked into the rent rates at the Dakota Commercial site a few months back, and they were going for between 650 for a 1 bedroom and about 1050 for a three bedroom. They currently show only a three bedroom left available, for 1019/month.
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I think rent will likely be a bit higher than other complexes around town, but they will be new and near a fair amount of the “action” in Grand Forks. Two years ago I rented a 1 bedroom apartment in an older (1980′s) building for $495 per month and that didn’t have a dishwasher or laundry.
I think tundrabeast’s two numbers are fairly close for a two bedroom (1500) and a three bedroom (2000). Apparently they are affordably enough if all but 1 unit is already rented in the 4-story complex.
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I don’t know what their financial plan is, but I seriously doubt you can charge that much for any apartment in GF unless you were renting one of the Brownstones. Those rents would be higher than Twin Cities for comparable quality/amenities.
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Funny how they didn’t mention this in the article—but the Northern Heights building is an income controlled rent building. Not sure if Aurora will also be, but Northern Heights is. I don’t really understand why all of these new apartment complexes downtown need to be income controlled—such as The Current apartments. I’ve talked with many friends and co-workers who WANT and are WILLING to pay more to live in a new apartment downtown, but they make too much money to qualify to live in these buildings! So, in regards to what tundrabeast posted…it’s going to take a loooooong time for the developers to recoup their costs!
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Actually, Northern Heights is not an income controlled building. It’s a “mixed-income” building, or so they call it. According to the paperwork on file with the city, 13 of the apartments are income-based, and the other 37 apartments are market rate.
The Aurora, on the other hand, appears to be income based. The City records describe it as having “40 one and two bedroom affordable rental units”. I’d assume “affordable” means income based, as they are making use of some federal grants to finance the project, including HOME funds.
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Thanks for the info—I will definitely let the people know who told me that and are interested in living there for future reference!
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