ST. PAUL-Developers have completed a $6.1-million development–a three-story multifamily rental and retail complex–on Selby Avenue and in the Summit-University neighborhood. The housing project was developed by Selby Area Community Development Corp. and Legacy Management & Development Corp. of Edina, a minority-owned development company also building the Rondo Library and multifamily complex at University Avenue and Dale Street.

The project required financing from nine sources, including the city, which counts the 40 apartments toward St. Paul Mayor Randy Kelly’s goal of 5,000 new housing units by next year. Half of the newly built Selby Grotto apartments at 755 Selby Ave. are still available, with six units at market-rate and 34 at below-market rents.

The building includes free heated underground parking, and each unit has a washer and dryer. A market-rate two-bedroom unit rents for $1,050, and reduced rents for similar units are $807 to $977. A market-rate one-bedroom unit rents for $850, and reduced rents for similar units are $676 or $817.

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