(KNOX) – A new housing development project in Thief River Falls broke ground on Wednesday. The housing development will be known as The Edge; and it will be a 65 unit development that will include a mix of studio, 1-bedroom, 2-bedroom and 3-bedroom apartments. There will also be amenities for residents that include a pickleball court, community room, decks and patios. Construction for the project is supposed to be finished by the spring.
The project will cost $12 million, but Minnesota is providing a tax incentive. There will be a $3.5 million contribution from DigiKey, through the State Housing Tax Credit and Contribution Fund. DigiKey is an international electrical components distributor founded in 1972. It has its headquarters in Thief River Falls and it employs 3,800 members of the local community. The incentive took effect in 2023, and it provides individuals and corporations with an 85% state tax credit with a $2 million per year cap on contributions.
Thief River Falls Mayor Mike Lorenson says this project will address the city’s urgent housing needs, and it will sustain economic growth. The city of Thief River Falls has identified a 5% vacancy threshold as a growth benchmark.
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