Development company Schafer Richardson is moving forward with an affordable housing complex in Rosemount.

The Minneapolis-based developer announced the completed acquisition and financing for a 164-unit affordable housing complex, called Croft at Rosecott, that will sit at the intersection of Akron Avenue and Connemara Trail in Rosemount.

Of the 164 units, 25 will be set aside for households at or below 50 percent of the Area Median Income and the remaining units will be available for those earning no more than 60 percent of the AMI, according to a news release from the developer. The median household income for Rosemount was $127,252 in 2022, according to the U.S. Census Bureau.

Designed by Minneapolis’ UrbanWorks Architecture, the four-story building will have one, two and three-bedroom units, a club room, multi-purpose space, work-from-home space, a fitness center, a kids zone and a teen lounge, per the news release.

Funding for the project, which will be constructed by Bauer Design Build, came from the Dakota County Community Development Agency, Colliers Securities, Huntington Community Development Corporation and the Greater Minnesota Housing Fund.

Construction will begin this month and units are expected to be available for the summer of 2025.

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