The Parkway

1428 7th Street East, Saint Paul, MN 55106

Project Type: New Construction

DETAILS:


Project Stage: Completed


Size: 45 affordable rental units


Completion Date: 2022


Developer: JB Vang Partners (Saint Paul)


Project Cost: $12.7 million


Funding Sources: 9% LIHTC, State/City/County deferred, Bridgewater Bank mortgage


Landon Group role: Secure financing, coordinate underwriting and closing, 8609 approvals

The Parkway is 45 units of affordable rental housing that was built on a vacant site near 7th Street and Bush Avenue in Saint Paul, serving households with incomes at or below 50% AMI. Unit sizes range from studios to three-bedroom units; 50% of the total units are three-bedrooms. Additionally, six units are set aside supportive housing units, with services provided by Simpson Housing.

JB Vang is partnering with Hmong American Partnership to provide enhanced services for residents at The Parkway. Founded in 1990, HAP focuses on empowering refugee and immigrant communities through their programs. Additionally, The Parkway provides easy access to various schools, shopping, and transit. Route 74, a high frequency Metro Transit bus route with a stop adjacent to the subject property, provides access to downtown Saint Paul, major employers including 3M (Minnesota’s fifth largest employer), and multiple hospital systems in Saint Paul.

JB Vang Partners is a certified Minority-Owned Business Enterprise (MBE), founded in 1984, and formerly known as JB Realty. Over the past 15+ years, JB Vang has increased its services to include real estate development, tenant representation, construction management, financing, and owner’s representation. The firm has developed over 900,000 square feet of real estate, totaling more than $275 million. JB Vang has focused on a wide variety of projects including educational facilities, retail, office, industrial, tribal facilities, and various types of senior housing developments.