What is that: Townhome apartment complex going up in Moorhead
Moorhead - A three-story building going up at 814 10th Ave. S. will provide new housing stock in an established south Moorhead neighborhood.
The six townhomes that comprise the complex are expected to be ready for occupancy in October, said Riley Rude, who owns Diamond Rock Properties, the company developing the apartment complex.
The structure is going up on property that was cleared when a house was torn down.
The new units will all have three bedrooms on upper floors and two-stall garages tucked underneath on the ground floor. They will rent for about $1,400 to $1,500 a month, said Rude, who can be reached by email at: email@example.com.
The project received a two-year property tax break from the city that could total about $4,500, according to city records.
Another apartment project could also be in the works for south Moorhead, according to city documents that outline a proposed seven-unit apartment complex that is also approved for a property tax break if it is built.
The project proposed by Tom Kading of Precision Fund 5 LLP involves redeveloping a three-parcel site in the 1000 block of Fourth Avenue South, near Minnesota State University Moorhead.
The proposal is for a three-story, seven-unit apartment complex.
A number of older homes would be demolished to make room for the apartment building if it is built.
Based on information from the city, there is the potential for the project to receive a property tax break of up to $86,625 over five years if redevelopment costs qualify for an exemption.
If redevelopment costs do not qualify for a tax exemption, the project could still receive a standard multifamily residential property tax exemption over two years, which could total about $5,250.