HomeMy WebLinkAbout3/23/2023 DMCC Executive Committee Meeting - Presentation (Bryk)Bryk on Broadway
March 2023
Why are
we here
today?
Authorize the City to amend the
Bryk Developer Assistance
Agreement
Bryk Proposal (March 2021)
Bryk Today (March 2023)
PROJECT DETAILS: 2021
•Mixed-use apartment building
•180 workforce housing apartments
with a mixed AMI ranging at 50%,
60% and 80% rental levels
•Commercial Space: 7,260 SF
Bryk Apartments Unit Counts
50% AMI Unit Count 54
60% AMI Unit Count 18
80% AMI Unit Count 108
TOTAL 180
PROJECT DETAILS: 2021
•Project Investment = $39.3M
•Construction Jobs = 206 positions
•Permanent Jobs = 26 positions
•Eligible Public Infrastructure =
$10.9M
–Site remediation
–Utilities
–Façade improvements
–Corridor landscaping and outdoor
amenities
–Intermodal infrastructure
•Mixed Income Workforce Housing*
•Neighborhood Stabilization and Revitalization
•Designed to meet Sustainability Performance
Goals
•Targeted Business Requirements
•Transit Corridor Density
•Walkability to downtown and employment
Community Benefits
*According to Olmsted County Comprehensive Housing Study, moderate
income/workforce housing contains a 50% - 120% AMI range
Key Project Issues
1.50% and 60% AMI units are
leasing well
2.Leasing the 80% AMI units has
been challenging and are
majority of units (108) within
development
3.Over 40 potential tenants
turned away because they are
just outside the 80% income
limit
Staff Recommendations Summary
What’s
Unchanged?
•50% and 60%
AMI units rent
and income
limits
•80% AMI rents
unchanged
•54 of 108 units
income limits
are unchanged
Temporary
Change?
•54 of the 108
units will be
available to
families up to
110% AMI
until October
1, 2023
Language
Clarification
•Two unrelated
adult couples
pursuing two-
bedroom unit
will have
income
reviewed
separately
against 80%
AMI limit
Questions?
Thank you!