Photo by Deb Gau Land off of London Road in Marshall is being considered for 60-unit affordable family apartment complex, and a 65-unit senior living complex

MARSHALL — A developer is looking at land in Marshall as the possible site of a large apartment complex and senior living complex, Marshall City Council members learned this week.

On Tuesday, members of the Marshall City Council approved a pre-development agreement with Tapestry Companies on a proposal to build a 60-unit affordable family apartment complex, and a 65-unit senior living complex near London Road.

“This really meets a need. It’s really difficult to bring this many affordable housing units online,” said Marshall Economic Development Authority Director Lauren Deutz.

The proposal would also include extending Paris Road out to Channel Parkway.

“A couple months back, the EDA was approached by Tapestry Companies for an opportunity to put together a housing project that would help address some of our affordable housing needs as well as senior housing needs,” Deutz said. “This project really came from the fact that the Legislature has a lot of funding for housing projects this year.”

The developers will be applying for Minnesota Housing Tax Credit funding to support the project, city staff said.

Deutz said the 60-unit complex would have affordable family apartments.

“The reason that is important, is there are going to be some larger units. We know that we have some families in need of more than a one or two-bedroom that they can afford,” Deutz said. “This property will actually have 12 one-bedroom, 32 two-bedroom, 12 three-bedroom and 6 four-bedroom apartments.”

The project would also build a 65-unit affordable senior independent living apartment complex. The affordable apartment complex would also have a 124-stall parking lot, playground and walking path.

Deutz said the affordable apartment complex would be a roughly $22 million project, while the senior independent living complex would be about $18 million.

“It’s a very large project, and something that would be difficult to take on by ourselves,” Deutz said.

Tim Trimble, of Tapestry Companies, said the business had been building and managing housing for more than 40 years.

“We’ve done a lot of housing with all types of financing,” he said. “This is well within our comfort zone.”

Trimble said Tapestry is a Metro-based company, but they were looking at opportunities for development in Greater Minnesota where housing needs are underserved.

“We set out and looked at the Minnesota Housing Finance Agency and said, OK, what communities haven’t had affordable housing?” Trimble said. “Marshall, in our research, hasn’t had any in decades from what we’ve been able to tell. And for a town of 25,000, that just jumped off the page.”

Trimble said Tapestry would be applying to the Minnesota Housing Finance Agency for funding in July.

“They will award projects typically around December,” he said. “If we are selected for one or both, then basically we’re awarded debt financing, as well as the ability to go sell tax credits.”

This would allow the development to serve renters whose income is below 50% of the area median income, Trimble said.

Trimble said Tapestry Companies saw the project as a longer-term commitment to Marshall. If only one of the proposed projects received state funding, Tapestry would be back to apply again the next year, he said.

The pre-development agreement with Tapestry Companies would allow the developer to acquire the land for the project for $1 once the project is deemed feasible by the city. The developer would also build an extension of Paris Road, and in turn the city would provide $500,000 in Pooled TIF funds to support the project.

Council members were supportive of the proposal. Steven Meister said it “fit perfectly” with the intended mission of the city-owned land between London Road and Channel Parkway.

“I think it’s a good idea,” Meister said. “The only concern that I would have going forward is, like any multi-family residential area where there’s income subsidies — you build it, it looks great, let’s keep it great.”