Monthly rent prices range from $1,000 to possibly more than $3,000 if there are four-bedroom apartments made available as part of the project. Those rates are a concern for several dozen residents who turned out for a neighborhood meeting Monday night.

Tia Williams works with the Frogtown Neighborhood Association and told 5 EYEWITNESS NEWS the rent prices do not reflect the average income of the neighborhood, which she said is around $34,000 annually.

"It shows that the majority of people in this neighborhood could not afford to live there," said Williams. "And, there should be some component of this project that offers some affordable housing."

Williams said when rent prices hit really high prices in places like Frogtown they can have a domino effect causing rent prices and property taxes in the area to go up just as much.

"If other rents and property taxes start to rise because of this project, it could be devastating," Williams said. "People will be forced to leave their longtime homes because their rent or property taxes will be out of reach."

KSTP reached out to Alatus for comment, but has not yet heard back.

The city is not expected to take final action on the planned development for weeks.