WINONA, Minn. – The Port Authority unanimously approved a tax exemption for a 60-unit apartment building at 51 Riverview Drive with upper floors overlooking the Mississippi River. The site is adjacent to the multi-tenant building that houses Winona ambulances near the Riverview crook into Huff Street. MWF Properties of Minneapolis had sought tax breaks from the Port Authority. The four-story $15.8-million project would be what MWF calls “workforce” apartments,” some efficiency units, some as large as three bedrooms. Some units would be for disabled residents or those facing homelessness. The proposal still needs City Council approval. MWF hopes for groundbreaking next summer and completion completed within a year.

Tax break

Projections place property taxes from the building at $4.6 million year, with $43,000 forgiven under tax-increment financing. TIFs are used to encourage growth in the city’s tax base.

Old rail yard. The site is at the long-razed Chicago & Northwestern rail depot and yards. The C&NW successor, Union Pacific, still runs a spurs along the river to East End industrial customers.

Architectural peek.  Developer MWF Properties plans to model the structure on its similR Eden Prairie project. Most rents would be manageable by teachers, nurses, frontline professionals, and blue collar employees, the company says.