3909 County Road 25, Saint Louis Park, MN

Landon Group compiled and submitted applications to Minnesota Housing for 42M (preliminary determination) and 8609 approvals

• 148 units, 30 affordable; 19,200 square feet of retail space
• $46.5 total development cost
• Frana Companies
• DJR Architecture

The Shoreham, by Bader Development, is an economically integrated development that restricts the rents of 20% of the units so they are affordable to households at 50% of the area median income. The building also contains two commercial spaces on the ground floor, with the apartments located above the retail space.

The overall vacancy rate in St. Louis Park in the first quarter of 2015 was 1.5%. The equilibrium vacancy rate for rental housing is considered to be 5.0%; thus, the overall supply of rental housing in the area is below the level considered adequate to meet demand. When Maxfield Research surveyed the 271 affordable housing units in the area, there was only one vacant unit. The rent restricted housing units at The Shoreham serve a pressing need in an ideal transit-oriented location with numerous surrounding jobs and amenities.