Plans are in the works for the first new market-rate apartment complex in Albert Lea in 30 years.

The Albert Lea City Council on Monday voted to begin negotiations for the sale of five acres of land near City Arena for the project. When completed, the complex could include up to 36 units, said City Manager Chad Adams.

The property being negotiated is west of Lake Chapeau Drive and north of the Iowa, Chicago & Eastern Railroad tracks. The railroad is a subsidiary of the Canadian Pacific Railway.

Adams said the apartments would target professionals, such as physicians and teachers, who are living in the city or who may be moving into the area.

“A lot of new people who move into the community are looking for some quality rental housing, and it’s been a challenge,” he said, noting there are many professionals who work in Albert Lea but who live outside of the community and commute to work.

The apartments would not be income-restricted or subsidized, and rental costs would be based on local market conditions and development costs.

He declined to release the name of the developer or whether that person lives inside or outside of the community.

The public will have the chance to weigh-in on the project at multiple points in the future, Adams said, including at land-use hearings and when the development agreement is finalized, among others.

The project will likely come before the city’s planning commission in late May or early June, he said.