- Project Name: West Broadway Crescent
- Client: CommonBond Communities
- Landon Group Role: Secure financing; ensure financial closing
- Address: 2000 West Broadway Avenue, Minneapolis
- Project Cost: $11.4 million
- Financing: Tax-Exempt Revenue Bonds – Bank of America loan; 4% Low Income Housing Tax Credit Equity; Deferred financing from Minnesota Housing, City of Minneapolis, Hennepin County, MN Dept of Employment & Economic Development, Metropolitan Council, Federal Home Loan Bank
- Project Size: 54 affordable rental units, plus on-site Advantage Service Center
- Contractor: Frerichs Construction
- Architect: ESG Architects
West Broadway Crescent is a mixed-income, workforce rental housing development along the Bottineau Corridor. Located in a high need zip code, this area of Minneapolis was disproportionately affected by the foreclosure crisis due to the prevalence of predatory lending in lower-income neighborhoods.
Ninety-one percent of the units will be affordable to households earning 50-60% of area median income for an affordability period of 30 years. Five units will be market rate housing. This mixed-income environment will attract a workforce target market.
CommonBond will co-locate an Advantage Service Center on the first floor of West Broadway Crescent to offer voluntary comprehensive on-site resident services. With on-site services, families have a stable foundation from which they can pursue the resources to move to market-rate housing or homeownership; children can succeed in school; and senior citizens and people with disabilities and other barriers to self-sufficiency can maintain their independence.
West Broadway Crescent was recognized by Finance and Commerce in its “Top Project Series” for 2014.