Dominium dusts off Buzza Phase II plan in Uptown

A new tax rule has helped reboot a 2013 apartment proposal next to the Buzza Lofts in Uptown Minneapolis.

Plymouth-based Dominium, an affordable housing developer, wants to build 135 market-rate apartments on the southeast corner of 29th Street and Dupont Avenue. The site is the surface parking lot for the Buzza Lofts, a historic office and factory building Dominium converted to affordable apartments in 2011.

First proposed five years ago, the plan for Buzza Phase II had sat dormant until May of this year, when the site and the surrounding census tract were designated a federal opportunity zone by the U.S. Department of the Treasury. Created in the 2017 federal tax reform bill, opportunity zones allow investors to receive certain tax benefits for buying or developing real estate.

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