The Minneapolis City Planning Commission consented to a tax incremental financing plan for the development at 3030 Nicollet on Monday, meaning funding for the affordable housing project in the city’s southside is one step closer to the finish line.

The approval by the Planning Commission went without any discussion, based on the recommendation of city staff.

3030 Nicollet was formerly the location of a Wells Fargo branch. After being damaged during the 2020 civil unrest following the police killing of George Floyd, Wells Fargo opted to raze the location and start anew.

Since 2021, the banking giant partnered with Project for Pride in Living, or PPL, which came aboard as developer of the property and since has been looking to build a 110-unit building of affordable family housing. The apartments will be affordable for people living at 50% of the area median income and about 12 units will be reserved for people living at 30% AMI.

One unit will go at market rate, which will be for the caretaker of the property.

The property will be mixed-use, with part of the first floor serving as a Wells Fargo bank branch and other parts serving as locations for other local businesses to rent.

In an email statement to Finance & Commerce, PPL’s communications director Rick Fuentes said the work on the project, now dubbed “Opportunity Crossing,” is “progressing as planned.”

“Overall, we’re very excited to be near the finish line on a development that will provide much-needed affordable housing as well as serve as an asset to the Lake Street Community and we know the neighborhood is excited, including the BIPOC entrepreneurs who plan to own and occupy spaces at Opportunity Crossing,” he said.

The TIF plan is justified, according to the TIF plan summary as submitted by the City’s Community Planning and Economic Development, or CPED, department because of the affordable housing the property will provide, as well as promote sustainable development and increase the tax base.

Senior Project Coordinator for Residential Finance at CPED Dan Lauer-Schumacher said TIF is not the only public funding the 3030 Nicollet project has been looking to secure. It has a deferred loan from Minnesota Housing and Hennepin County and the city of Minneapolis awarded affordable housing trust funds into the project.

According to the city’s proposal for the TIF plan, the apartment building will include 15 studios, 10 one-bedroom, 55 two-bedroom, 20 three-bedroom and 10 four-bedroom apartments.

Consent of the Business, Inspection, Housing and Zoning Committee is now required and will be discussed at the Nov. 28 meeting. If approved, the entirety of the City Council will put the TIF plan to vote at its Dec. 7 meeting.

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