IOCP & CommonBond Communities seek to develop affordable housing with Bay Center funds

IOCP and CommonBond Communities went before the Wayzata Planning Commission last week seeking to take steps to provide more affordable housing in the City of Wayzata. Thier proposed location for said housing is at the corners of Central and Elm, just north of the Anchor Bank Building in downtown Wayzata. According to an article in the Lakeshore Weekly News, the Wayzata City Council has signed off on some type of affordable housing outside of the Bay Center, in that the value of the land underneath the Bay Center did not allow for affordable housing to be created within that project.

As a result, Presbyterian Homes agreed to help fund a new affordable housing project through IOCP, who will receive $200,000 in funds for the said project. IOCP will also be contributing $200,000 of it’s own money, as well as receiving $121,000 in Community Development Block Grant funds from the City and Hennepin County. All told the project, called Wayzata Gateway, is expected to cost $5.4 million.

While watching the Planning Commission meeting from last week, this issue made the commissioners wring their hands, because of the proximity to single family homes, the already 50% multi-family ratio in the City, and other issues.

Local residents surrounding the area are resisting the development. creator Todd Buchanon, a resident on Benton Avenue located right behind the proposed development, voiced some of his neighborhoods concerns, “Our community [Wayzata, MN] is 51.7% multi-family homes, and the Met Council wants more multi-family in Wayzata. The Met Council seems to have no specific data as to how they arrived at a formula for the need for more multi-family in Wayzata. The city of Wayzata has stated in the Comprehensive Plan that one of the prime long term goals was to preserve single family homes.” is your proposed development leader.


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Daniel Gustafson & Elisha Gustafson Realtors
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