Nov. 1—ROCHESTER — Jeff Brown and others dug shovels into the planned 75-acre Prairie Ridge subdivision Friday morning, less than two weeks after the new northwest Rochester subdivision received Rochester City Council approval.
"Prairie Ridge is Rochester's first production-scale, for-sale housing effort in decades," the North Rock Real Estate partner said during the ceremonial groundbreaking on the property near the intersection of 50th Avenue Northwest and Valleyhigh Drive.
"We won't be building just a few homes at a time," he added. "Instead, we will set up a machine to literally build hundreds."
The project is slated to create 51 single-family lots and 250 townhome lots, with 201 of the new homes expected to be for sale by the end of 2027 with the support of $4 million in city sales tax funds. The city funds come with the expectation that the homes will be priced at less than $480,000, with 19% being deemed affordable to households earning less than 115% of the area median income.
By comparison, Assistant City Administrator Ryan Yetzer said 23 homes — seven single-family homes and 16 townhomes — have been built in Rochester in the last two years with sale prices of less than $500,000.
"This project alone will increase our production of for-sale housing units under $500,000 by 10 times," he said.
Coalition of Rochester Area Housing Executive Director JoMarie Morris said the new project meets housing needs by extending homeownership opportunities in the region.
"We have the opportunity for over 200 entry-level homes for our teachers, for our nurses that care for us, for our firefighters who are just starting in their work," she said. "It's such an incredible opportunity."
The city's financial support for the project comes from Rochester's new economic vitality fund, which will receive $50 million in sales tax revenue during the lifetime of the recent voter-approved tax extension.
The new fund seeks to support a focus on key components of economic development strategies, such as housing, regional revitalization, workforce development and childcare infrastructure. The initiative aims to support the growth and prosperity of the community by:
* Investing in missing middle- and low-income housing
* Preserving existing affordable housing options in our neighborhoods
* Developing workforce programs that will help create more job opportunities
In addition to the sales tax support, the Prairie Ridge development will also benefit from new city infrastructure needed to support the growth.