Riverfront Bluff Apartments are a proposed market-rate apartment development in downtown, adjacent to the riverfront. The development will redevelop multiple empty and underutilized properties into 125 high-quality, market-rate apartments and a riverfront restaurant. 

Alignment to Community Priorities and Goals

The project fits with the goals and priorities of the community and the comprehensive plan by constructing a new project in an overlooked area of Shakopee, adding new residents and retail to the downtown area and furthering downtown’s growth and revitalization. 

Timeline

The project is currently proposed and is in the approval process.

     
 Concept proposal presented City Council   June 5, 2018
 Riverfront Bluff District No. 19 created City Council   July 3, 2018 
 Development agreement with Gaughan Shakopee LLC approved Economic Development Authority  July 3, 2018 
 City sells property to Gaughan Economic Development Authority Sept. 4, 2018 

Funding

This development could possibly be located within a Tax Increment Financing (TIF) district, which would aid in redevelopment costs.

In July 2018, the City Council approved a Redevelopment Tax Increment Financing (TIF) plan for the Riverfront Bluff District No. 19. The district will provide reimbursement assistance up to $2,811,700 over 25 years for soil remediation, demolition, utility relocations and public improvements and removal of the bedrock along for 1.5 acres along Levee Drive. 

Community Impact

Riverfront Bluffs will help to continue downtown’s revitalization and bring more residents closer to the river and the amenities with which it offers.

Drawings/Attachments