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.
The project 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|
|Property reguided to Downtown Mixed Use||City Council||Dec. 18, 2018|
|Three additional properties purchased to redesign project site||Economic Development Authority||April 2, 2019|
|TIF District No. 19 modified||City Council||May 21, 2019|
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 relocation and public improvements and removal of the bedrock along for 1.5 acres along Levee Drive.
In May 2019, the council expanded the district to include three additional properties. The district now includes the full block.
Riverfront Bluffs will help to continue downtown’s revitalization and bring more residents closer to the river and the amenities with which it offers.