The developer Dominium is reviving a pitch for new apartments at a surface parking lot next to the Buzza Lofts at 1006 W. Lake St. and 2900 Colfax Ave. S.
The proposal for 130 units in a six-story building hit a roadblock in 2014 because the National Park Service objected to the impact on views of the existing Buzza building and a plan to demolish part of a historic tunnel to the Midtown Greenway. Dominium previously used historic tax credits to renovate the Buzza building, which gave the federal government a five-year window to recapture funds if the developer did not continue meeting historic standards.
That window has expired, but Senior Development Associate Neal Route said the catalyst for the project is the site’s designation as an “Opportunity Zone,” a program established by Congress that provides tax advantages to invest in certain areas. In Southwest Minneapolis, borders of the Opportunity Zone are Hennepin and 1st avenues and 28th and Lake streets.
The project would include an outdoor pool deck and 268 parking stalls, which amounts to one stall per unit for the entire Buzza site.
Market-rate rents are projected to be more than $2 per square foot.
The project is slated for a first appearance before the City Planning Commission Committee of the Whole on Thursday, Nov. 1. The developer will also present the plans to the Lowry Hill East Neighborhood Association’s Zoning & Planning Committee on Nov. 14.