Broadway Flats

2220 West Broadway Avenue, Minneapolis, MN

Project Type: New Construction

DETAILS:

Project Stage: Completed

Size: 103 units

Completion Date: 2016

Developer: Lupe Development Partners, LLC/The Wall Companies (Minneapolis, MN)

Project Cost: $24.3 million

Funding Sources: 4% LIHTC, State/City/County/Met Council/DEED deferred, solar rebate, HRB-HUD 221d4, Oak Grove mortgage

Landon Group role: Secure financing, coordinate underwriting and closing, process construction draws

Broadway Flats, a mixed-use affordable housing and commercial development in North Minneapolis, leads the way for further housing and transit-oriented development in an area long-seeking renewal and investment.

In May 2011, a tornado hit North Minneapolis, completely destroying or severely damaging over 3,000 properties. The Rose family, longstanding business owners in the area, lost a number of their businesses including one on this site. They partnered with Lupe Development and Minnesota Attainable Housing Corporation to complete this project. Public policy and community support have enabled Broadway Flats the opportunity to stabilize the West Broadway area.

Broadway Flats ensures long-term operating affordability through the addition of solar panels. This addition was made possible by winning a solar panel rebate through a statewide lottery.

Broadway Flats was selected as a Finance and Commerce Top Project of 2016!