The city of Minneapolis is making a strong pitch to developers to build up on the city’s north side neighborhoods by offering all sorts of incentives, which is an effort that the Star Tribune picked up just recently.
As a part of Minneapolis that was among the worst hit during the recession, the recovery throughout much of the city’s north side hasn’t been quite as robust as in other parts of town, which of course is the primary motivation for the new plan-of-action.
Officially rolled out back in February, the program will offer developers up to 75,000, and even individuals up to $25,000, for building a new house on one of the 400 to 500 vacant lots currently occupying the North Side, which is no small chunk of change. But with the city also spending thousands of dollars a month to maintain all this vacant property, the incentive based plan certainly feels like a win-win, as long as developers and eventual home owners are willing to keep momentum moving forward.
But even as the city continues to try to way to boost and encourage development in the area, many of the vacant lots found throughout the North Side have been vacant for years, and some dating all the way back to the ’60s, according to the Star Tribune.
With many young and first-time home buyers still look to enter the marketplace, however, there’s still new home that new homes will eventually be built that also include an affordable price tag—something that Minneapolis is in severe shortage of right now.