Moorhead council OKs tax break for mixed-use building along First Avenue North
MOORHEAD — The Moorhead City Council Monday night, Feb. 10, approved a Renaissance Zone property tax exemption for a proposed mixed-use building in north Moorhead that will include commercial and housing space.
Construction on the five-story structure is set to start this spring on what is now an empty lot at 1530 1st Ave. N., a spot located between Junkyard Brewing to the west and Burger Time to the east, just across 16th Street North.
The total cost of the project, including land and construction, is expected to be about $9 million.
The first floor of the complex, dubbed "Vanné," will have commercial space, while levels two through five will have about 33 residential units.
The complex will also have underground parking for tenants, an outdoor plaza for hosting events, vendors, games, food trucks and more.
The total benefit of the tax break is estimated to be $900,000 over 15 years.
The building project is expected to be completed by summer 2021.
According to paperwork filed with the city of Moorhead, the owner of the property is listed as Vanne Moorhead.
Brian Kounovsky of Vanne Moorhead and EPIC Holdings provided details of the project to the city council Monday.
EPIC describes the housing that will be offered — one- and two-bedroom apartments as well as two-story, two-bedroom units — as reasonably priced, aiming at the young professional and family markets.
Kounovsky said one-bedroom apartments are expected to rent for about $700 a month, with two-bedroom, two-story apartments expected to rent for about $1,300 a month.
A number of council members thanked Kounovsky and EPIC for bringing the project forward, stating it will likely have a major positive effect on the neighborhoods adjacent to First Avenue North.