Mill City Quarter

322 South 2nd Street, Minneapolis, MN

Landon Group secured financing and coordinated underwriting and closing

Tax-Exempt Revenue Bonds –conventional mortgage; 4% Low Income Housing Tax Credit Equity; Deferred financing from Minnesota Housing, City of Minneapolis, Hennepin County and Metropolitan Council

  • 140 affordable rental units; 14,000 square feet of retail space
  • $37.2 million total development cost
  • Frana Construction
  • BKV Group

Mill City Quarter is a mixed-use development located at the gateway to the historic riverfront milling district in downtown Minneapolis. 100% of the units are designated as affordable, appropriate for individuals and small households.

In a neighborhood where more transit-supported shopping options are needed, the retail component of the development includes a single-user, destination-style tenant such as a grocery store or pharmacy. Service retail has the added benefit of reducing single occupant vehicle trips by offering daily goods on site.

Mill City Quarter adopts a unique woonerf design element: a Dutch shared-street concept where bikes, pedestrians, and cars co-exist on an environmentally friendly street. The space is curb-less with the vehicular travel lanes defined via bollards and changes in paving surface type and/or color.  A woonerf is designed for very slow speeds, similar to those typically found in parking lots.  It allows the pedestrian to become the focus of the space and the vehicle is seen as the visitor.

Mill City Quarter was selected as a Top Project of 2016 by Finance and Commerce.