2220 West Broadway Avenue, Minneapolis, MN
Landon Group secured financing, coordinated underwriting and closing and coordinated draws throughout construction
Tax-Exempt Revenue Bonds – HUD insured 221(d)(4) loan; 4% Low Income Housing Tax Credit Equity; Deferred financing from Minnesota Housing, City of Minneapolis, Hennepin County, Minnesota Department of Employment & Economic Development, Metropolitan Council; Energy Solar Rebate
- 103 affordable rental units; 19,000 square feet of retail space
- $3 million total development cost
- Frana Construction
- Elness Swenson Graham (ESG) Architects, Inc.
Broadway Flats, a mixed-use affordable housing and commercial development in North Minneapolis, leads the way for further housing and transit-oriented development in an area long-seeking renewal and investment.
In May 2011, a tornado hit North Minneapolis, destroying or severely damaging over 3,000 properties. The Rose family, longstanding business owners in the area, lost several businesses including one on this site. They partnered with Lupe Development Partners and Minnesota Attainable Housing Corporation to complete this development. Public policy and community support have enabled Broadway Flats the opportunity to stabilize the West Broadway area.
Broadway Flats ensures long-term operating affordability through the addition of solar panels. This addition was made possible by winning a solar panel rebate through a statewide lottery.
Broadway Flats was selected as a Top Project of 2016 by Finance and Commerce.