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New apartment complex planned for downtown

A group of local investors are continuing to invest in housing near downtown Rochester.

Construction of a new $2.5 million, 24-unit apartment complex is expected to start this fall next to an existing complex.

The Richardcomplex is slated to be built at 11 Seventh Ave. S.W., in the parking lot area of its 90-year-old big brother, The Raymond. If everything goes according to plan, it could be open by April 2012.

This is the latest in a series of projects lead by a group of Rochester real estate investors that includes Mac Hamiltonof Hamilton Real Estateand Mike Buschof Paramark Real Estate Services.

Their projects have come in pairs — renovating an old apartment building followed by construction of modern complex with a similar design next to it.

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First, they purchased the 85-year-old Furlow Apartmentsand renovated them, and then built The Hamiltonapartment complex next to it.

Earlier this year, the group bought The Irwinapartment complex, renovated it and re-named it as The Raymond.

The group has worked with neighbors as they developed these complexes in an effort to match the tone and style of the neighborhoods.

For The Richard project, Hamilton says his team has already met with city planners as well as the Imagine Kutzkygroup. He plans to also discuss the complex with the Kutzky Neighborhood Associationat its meeting on July 12.

With three other southwest apartment complexes already in their hands, why raise the ante with a fourth?

"They have been very well received and successful," says Hamilton, and they're fully occupied.

Mayo Clinic's increasing investment in downtown Rochester also helped encourage this latest stage, he says.

He cited Mayo Clinic's purchase of Lourdes High School, adding four floors to the Dan Abraham Healthy Living Center and its plans to build a large proton beam radiation treatment center as positive signs.

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