The Shoreham

The Shoreham, an economically integrated development, restricts the rents of 20% of the units so they are affordable to households at 50% of the area median income. The building also contains two commercial spaces on the ground floor, with the apartments located above the retail space. The rent restricted housing units at The Shoreham serve a pressing need in an ideal transit-oriented location with numerous surrounding jobs and amenities.

When The Shoreham was being developed, the overall vacancy rate in St. Louis Park was 1.5%. The equilibrium vacancy rate for rental housing is considered to be 5.0%; thus, the overall supply of rental housing in the area was well below the level considered adequate to meet demand. When Maxfield Research surveyed the 271 affordable housing units in the area, there was only one vacant unit. The rent restricted housing units at The Shoreham  help St. Louis Park serve a pressing need in an ideal transit-oriented location with numerous surrounding jobs and amenities.