Redevelopment of the former Abbott Hospital site in south Minneapolis appears close at hand.

The long-abandoned building located in the Stevens Square neighborhood is set to be converted into a 123-unit apartment complex that will be called Dunwoody Apartments, according to a report in Finance & Commerce. Construction for the $24.6 million project is reportedly expected to begin in March and end a year later.

The project calls for 25 units to be affordable for households making 50 percent of the area median income or lower, while the other 98 units will be market-rate.

On Tuesday, the Community Development Committee of the Minneapolis City Council will reportedly consider a request for about $1.26 million in tax-increment financing for the project. The City Council previously approved an $875,000 loan for the project from the city's Affordable Housing Trust Fund, Finance & Commerce reported.

The building-which was constructed in 1910 and used to be known as the Dunwoody Building-is located at 110 18th Street East, not far from downtown Minneapolis. It originally housed Abbott Hospital, which later merged with Northwestern Hospital to become what is now Abbott-Northwestern, located in Minneapolis' Phillips neighborhood. Most recently, the site was a transitional care facility, and that facility closed in 2004. A condo plan for the site surfaced a few years ago but did not pan out.

The property is now reportedly owned by New Hope-based Gateway Commons, LLC. Swami Palanisami of New Hope-based Palanisami & Associates, Inc.-a parking ramp consulting, design, and construction company-is reportedly the developer of the project and has invested about $3.7 million in it.

“We are supportive of the project,” Steven Gallagher, executive director of the Stevens Square Community Organization, told Finance & Commerce. “The neighborhood is excited about it being completed [and it] sounds like they're getting close.”

To read the full story in Finance & Commerce, click here.