Overlook on the Creek

9731 Minnetonka Boulevard, Minnetonka, MN

Project Type: New Construction

DETAILS:

Project Stage: Completed

Size: 100 units of affordable rental housing

Completion Date: 2016

Developer: Tonka on the Creek LLC (Minneapolis)

Project Cost: $20.2 million

Funding Sources: 4% LIHTC, State deferred, HRB - direct purchase by TCF Bank

Landon Group role: Prepare and submit 42M and 8609 applications

Overlook on the Creek Apartments is a four story, 100-unit apartment with underground parking. The unit mix is comprised of 69 one-bedroom and 31 two-bedroom apartments, 20% of which will be affordable to households with incomes at or below 50% of the area median income.

Overlook on the Creek meets the housing goals of the City of Minnetonka’s 2030 Comprehensive Guide Plan by promoting new affordable and market-rate rental and by encouraging diversity in the types, sizes and prices of housing available in Minnetonka.

Overlook on the Creek is located in a Top Growth Community and a Jobs-Housing Initiative Area. The community is experiencing job growth and will need affordable housing to support new and existing workers. Overlook on the Creek will help alleviate housing cost burden for low and moderate income families and individuals.