300 Ramsey Street, Mankato, MN 56001
Landon Group role: secure financing
Minnesota Housing mortgage; 9% Low Income Housing Tax Credit Equity; Deferred financing from Minnesota Housing and the City of Mankato; Energy Rebates
- 77 affordable rental units, all Project-Based Section 8
- $15.5 million total development cost
- Frerichs Construction
- Kaas-Wilson Architects
The LaSalle Group and their affiliated companies, including Tapestry Development, have been in existence for over forty years and have used HUD financing and private activity bonds extensively in order to provide affordable housing opportunities. With its extensive background in both renovation and new construction, Tapestry Development is currently concentrating on adaptive re-use and preservation of existing buildings. Colonial Square Apartments in Mankato is their latest effort in preservation.
Built in 1913 as a dormitory for the Mankato Normal School, Colonial Square Apartments is located on a 5.6-acre site in Mankato. The building has undergone various additions and remodels over the past 100 years, the last of which was in 1979. Tapestry Development seeks funding for the necessary rehabilitation in order to ensure the preservation of this Project-Based Section 8 housing development for at least another 20 years.
The four-story building contains 77 units, comprised of 54 one-bedroom and 23 two-bedroom units, plus a community room and manager’s office. The large site contains a play structure, basketball court, picnic area with grills, a community garden and significant green space.
Colonial Square is in the Lincoln Park neighborhood of Mankato. An historic district, the neighborhood features over 200 historic homes built in the late nineteenth and early twentieth century. Colonial Square Apartments is within a half mile of Downtown Mankato and the Mankato State University Campus, which provides easy access to employment, services, and amenities.