Frey signs measure to accelerate conversion process

Minneapolis developers take note: It just became a lot easier to convert commercial space into residential properties.

Mayor Jacob Frey announced Tuesday he signed an ordinance that amends code changes so to speed up conversion processes in the city, which in turn will further reduce costs faced by developers, according to a press release from his office.

The ordinance was initially introduced by Council Members Katie Cashman of Ward 7 and Michael Rainville of Ward 3 earlier this summer.

The three changes allow for the administrative review and approval of all projects that are looking to convert from commercial to residential, scraps inclusionary zoning requirements for five years when converting 50 or more units and allows for a Travel Demand Management plan to be done in place of a traffic study.

Erik Hansen, the director of Community Planning and Economic Development for Minneapolis said the ordinance’s code changes would help address the housing shortage faced in Minneapolis “while revitalizing the urban core for residents and businesses alike.”

Chris Sherman, the president of Sherman Associates, said the ordinance will assist in delivering housing in the city. Frey signed the ordinance at the Groove Lofts, a building converted from commercial space to 216 residential units by Sherman Associates. Tenants are expected to start moving into Groove Lofts in October.

“Today marks a step forward in preserving history, revitalizing buildings, and fostering sustainable development for the city of Minneapolis,” Sherman said in the press release.

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