DEDA approves option agreement for West Duluth apartments

DEDA approves option agreement for West Duluth apartments Photo: WDIO/MGN

Created: November 18, 2020 07:20 PM

The Duluth Economic Development Authority has approved an option agreement with a non-profit developer that plans to build dozens of affordable apartment units in the Ramsey neighborhood.

The development is planned for the upper side of Wadena Street between 52nd and 53rd Avenues West, which is near the West Duluth Menard's store. The agreement approved by DEDA on Wednesday night gives Aeon the option to buy the vacant land for $500,000.

According to documents submitted to the DEDA board, Aeon plans to build one or two apartment buildings that would include 60 to 120 apartments. The developer plans to apply for low-income housing tax credits from the Minnesota Housing Finance Agency.

Aeon operates 58 properties in the Twin Cities area.

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