Developers want to offer ‘approachable pricing’ as part of proposed Minneapolis condo project

It was a two-word phrase in the developer’s presentation to a Minneapolis neighborhood group that got housing and development circles buzzing. 

“Approachable pricing.” 

That is what Downtown Resource Group of Minneapolis and Fe Equus Development of Milwaukee dubbed their plan to offer lower-than-market-rate pricing on 22 of 110 units of a proposed 15-story condo project at the intersection of SE Central Avenue and East Hennepin Avenue. 

In a presentation made to the Nicollet Island-East Bank Neighborhood Association earlier this month, the development team noted that while a one-bedroom condo unit in the building would start at $359,000, the “approachable-unit pricing” for families with incomes well below the city median might be $199,000, while a two-bedroom unit that would have a market price of $409,000 would be priced at $224,000 for those who qualify for the “approachable” pricing.

“We made positive noises regarding the project,” wrote Victor Grambsch, president of the

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