Views from the top floor of the The Current Apartments include the Red River and downtown Grand Forks.
MetroPlains Management officials believe the apartments combine penthouse views and upscale loft-style living, while still offering affordable housing.
“I really believe this will be the nicest place to live in Grand Forks,” said Jamie Hager, area manager for Devils Lake-based MetroPlains Management, which is renting the apartments out of an office across the street in the Ryan House.
Construction on the 40-unit apartment complex is nearly finished and is expected to be completed in time for a March 1 opening. So far, 15 future tenants have placed deposits on apartments in the complex, but renting is expected to pick up this spring after the complex opens.
Rents for the restricted-income building will range from $354 a month for a 733-square-foot, 1-bedroom, 1-bath apartment to $684 a month for a 1,057-square-foot, 2-bedroom, 1-bath apartment. According to Hager, the apartments generally will be restricted to singles with an annual salary of $25,000 or less or to more than one person making a combined $28,000 a year or less. But the income restrictions only apply before residents move in, and there is no cap on residents’ future income levels.
“It’s going to be great for young professionals just starting out,” Hagar said. “They already spend much of their disposable income on food and entertainment downtown. Why not live here, too?”
The apartment complex is part of an effort by the city to expand the downtown population. It comes on the heels of the opening of the Elite Brownstone condos across North Third Street.
“Obviously, it will bring more people downtown, which is a good thing,” said Greg Hoover, the city’s director of urban development. “Commercial and retail growth generally follow population growth. With more people downtown, it speaks well for the vibrancy and future growth of downtown.”
The housing development benefits from free land from the city, tax exemptions and cheap loans. But Hoover said the benefits far outweigh the costs and said after the tax increment expires, the city will have a larger tax base downtown.
Apartments feature light maple hardwood laminate floors and cabinets and some will come with movable, barn door-like walls to separate living and bedroom space.
The building will have an elevator, a community room with wireless Wi-Fi access on the fourth floor, a fitness facility and a 57-space parking lot. Each apartment has washers and dryers, a storage area and central air conditioning.
The exterior features brick and stucco, and part of the top floor will receive a tin finish. The front entryway also has stained concrete.
The apartments were designed by JLG Architects, and the general contractor is Community Contractors Inc.
MetroPlains also manages the Ryan House building, two other in Grand Forks and has properties in Devils Lake, Grafton and Landon, N.C. The company also plans a historic rehabilitation project to convert the deteriorating Wayne Hotel in Crookston into apartments.
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