2823 East Franklin Avenue, Minneapolis, MN
Landon Group secured financing and provided overall project management
New Market Tax Credit Equity; Environmental remediation from Hennepin County and Metropolitan Council; Loans from Wells Fargo Community Development, Minneapolis Community Planning & Economic Development, Northcountry Cooperative Development Fund, Local Enterprise and Assistance Fund and Mississippi Watershed Management Organization; Capital from Co-op members
- 25,600 square feet retail, office, and community space
- $10.5 million total development cost
- Close Architects
Seward Community Co-op, a community asset with a 40-year history in the close-knit Seward neighborhood of Minneapolis, expanded and relocated to the east end of Franklin Avenue from a site down the street that was inadequate for serving an increasing membership and meeting the demand for a full service grocer. The expansion exceeded job creation projections within the first 18 months of operation with the creation of 70 new jobs, 60 of which are full-time positions.
The Minneapolis/St. Paul Business Journal described Seward Co-op’s new development “a shining example of green design.” Mary Bujold, one of the Best in Real Estate competition judges, said of the project: “Due to a significant interest in organic food and sustainability, it stood out as something that was timely…Their expansion and redevelopment really spoke to who their target market is.”
Landon Group tailored a complex financing package that allowed the Co-op to be built on time with strong cash flow projections. Landon Group also coordinated community meetings, negotiated alley vacations and the acquisition of adjacent properties necessary for site assembly, and coordinated development team activities.
Seward Co-op won an award for “Best in the Retail Development or Redevelopment” at the Minneapolis/St. Paul Business Journal’s 11th annual Best in Real Estate awards ceremony in 2009.