Commons @ Penn

1823 Penn Avenue North, Minneapolis, MN

Project Type: New Construction

DETAILS:


Project Stage: Completed


Size: 47 affordable rental units


Completion Date: 2015


Developer: Building Blocks


Project Cost: $11.4 million


Funding Sources: 4% LIHTC, HRB - direct purchase by Sunrise Bank


Landon Group role: Structure and secure financing, coordinate underwriting and closing, coordinate draws, project closeout

The Commons at Penn Avenue is a 47-unit multifamily housing development including one-, two- and three-bedroom units. 75% of the units are two- and three- bedrooms, providing housing options for families with children.

Building Blocks is a nonprofit organization based in North Minneapolis focused on revitalizing communities and mentoring youth and families. Commons at Penn is Building Blocks’ first development.  The site is located on the corner of Golden Valley Road and Penn Avenue in the heart of North Minneapolis.

The first-floor features include four walk-up units with porches facing Golden Valley Road and Queen Avenue. These units blend seamlessly with the landscape of the single-family homes which populate the southern side of Golden Valley Road. The upper floors feature views of the Minneapolis skyline to the east and the Golden Valley area to the west. The building has underground parking for the tenants and on-grade parking for the commercial/retail tenants. The building also includes exercise facilities, a tot lot, and community room for residents.  The developer’s aim to create interaction between residents is furthered by a large outdoor landscaped patio area featuring sitting and grilling areas, as well as a raised courtyard on the second floor.

The combination of housing and commercial uses directly meets the needs of the community: supportive services are available to tenants, while the retail spaces activate the street and provide goods, services, and jobs to the community.