- Project Name: 510 Lake Street Apartments
- Client: Lupe Development Partners
- Landon Group Role: Secure financing; coordinate underwriting & closing
- Address: 510 Lake Street West, Minneapolis
- Project Size: 128 affordable rental units
- Project Cost: $32.6 million
- Financing: Tax-Exempt Housing Revenue Bonds; 4% Low Income Housing Tax Credit Equity; Tax Increment Financing; Deferred financing from Minnesota Housing, City of Minneapolis, Hennepin County, Metropolitan Council, and MN Dept of Employment and Economic Development
- Contractor: Frana Construction
- Architect: ESG Architects
Lupe Development Partners proposes to develop 128 units of workforce housing, including seven units reserved for people with disabilities, along Lake Street just two blocks east of the Lyn-Lake intersection and one block south of the Midtown Greenway.
This community has become a high-rent district: the majority of new housing built in last ten years has been high-end market rate. Although gentrification has brought new life and vibrancy to this intersection, it comes at the cost of excluding lower income residents from partaking in the economic expansion and requires the area’s service sector employees to commute to work as they are priced out of the housing options. We are targeting the service and hospitality workforce that is being squeezed out of housing in this area.
510 Lake Street Apartments will transform a former tire store and towing lots into a high-density, six-story elevator building with underground parking. The six efficiencies, 95 one-bedroom and 29 two-bedroom units will be built to meet the housing needs of urban dwellers flocking to the area for music/entertainment, expanding transit and urban lifestyle preferences. Importantly, seven individuals with disabilities will be fully integrated into this housing development and will benefit from the multi-modal transit options and amenities.