A proposed mixed use housing and commercial development proposed at 8200 Golden Valley Rd and 8250 Golden Valley Dr will move forward after the Golden Valley Housing and Redevelopment Authority (HRA) and City Council approved the Tax Increment Financing (TIF) Plan and related development agreements June 20.
The estimated $110 million project by Sentinel Holdings Company would replace a vacated Park Nicollet clinic and parking lot and a neighboring Wells Fargo Bank. The development is consistent with the concepts included in the Downtown Redevelopment Framework Plan approved by the City Council in October 2021.
Phase 1 of the project would replace and relocate the Wells Fargo Bank to the southwest corner of the site.
Phase 2 would construct a 303-unit mixed income multifamily rental development with 257 market rate units and 46 units affordable at 60 percent of Area Median Income for a period of 20 years. The five- and six-story building will feature a mix of studio, one-, two-, and three-bedroom apartments with multiple amenities wrapped around a 450 space parking ramp.
This is the first multifamily rental development proposed under the City’s Mixed Income Housing Policy and will help meet the City's affordable housing goals.