Kings Crossing Apartments at Frogtown Square

500 Dale Street North, Saint Paul, MN

Project Type: New Construction

DETAILS:

Project Stage: Completed

Size: 50 affordable rental units for seniors; 11,700 square feet of retail space

Completion Date: 2011

Developer: Episcopal Homes; NEDU, LLC (a collaboration of four local community development organizations)

Project Cost: $12.3 million

Funding Sources: HUD 202 Capital Grant, MN DEED/Met Council/County/City deferred, Owner Capital Campaign

Landon Group role: Secure financing, provide project management services

Completed in 2011, Frogtown Square is a four-story development that features 50 units of permanent, affordable senior housing, 11,700 square feet of commercial space, and underground parking.

The development introduces 50 new units to the area’s affordable housing stock, creates roughly 35 new jobs, increases “Class A” commercial/retail space, and efficiently utilizes public infrastructure including roads, water/sewer and public transportation.

Episcopal Homes owns and manages Kings Crossing Apartments.  Each one-bedroom unit of approximately 625 square feet is targeted towards active, independent seniors.  Episcopal Homes was awarded HUD 202 financing which provides a long-term operating subsidy which allows them to offer very affordable rents to seniors with incomes at or below 50% of area median income.

NEDU, LLC owns and operates the first floor commercial space, as well as the surface parking lot on the site.