MINNEAPOLIS (WCCO) — A proposed development in Dinkytown has neighbors speaking out.

They are concerned that adding a new building would actually be a loss for the neighborhood.

READ MORE: Cortez Banks Charged In Crystal Knife Attack; Victims Expected To Survive

A real estate developer wants to build a 25-story apartment complex that would transform the look of one of Dinkytown’s most iconic corners. The Dinkytown McDonald’s, which has been there since the 70s, would need to come down.

(credit: CBS)

In recent years, brand-new apartment buildings for students have been popping all around the University of Minnesota. On Tuesday night, developers from CA Ventures presented their plan to Marcy-Holmes residents to build an apartment complex anchored towards the corner of 5th Street Southeast and 15th Avenue Southeast. It would require an almost immediate amendment to the city’s 2040 plan, which only allows six-story buildings in that specific area.

READ MORE: The Push To Establish A Historic District In Dinkytown

“We’re just concerned that why would they amend that plan within the first weeks or first months of having that plan be put in place?” said Chris Lautenschlager, executive director of the Marcy-Holmes Neighborhood Association.

READ MORE: Antoine Suggs Charged With Murdering 4 Minnesotans Found Dead In Wisconsin Cornfield

The size of the building is not the only concern. Students spoke out on the cost of the proposed units.

“Why are you proposing to build an apartment when, in fact, the rest of campus is showing us we can’t afford,” said student Samson Ghirmai. “That’s like downtown-level payments.”

(credit: CBS)

The developers say they are working with the city to make the units affordable, although they don’t know what that number would be right now.

Once completed, the building could house over 1,000 students and about 250 parking spaces.

MORE NEWS: Minneapolis To Return To Charging Shoppers For Using Disposable Bags

The plan still needs final approval by the city. The Marcy-Holmes Neighborhood Association will be hosting another community meeting about this project, which is scheduled for September 25 at The Loring.