Colonial Square Apartments

300 Ramsey Street, Mankato, 56001

Project Type: Rehabilitation

DETAILS:


Project Stage: Completed


Size: 77 affordable rental units


Original Construction Date: 1913


Rehab Completion: 2022


Developer: Tapestry Development, LLC


Project Cost: $15.5 million


Funding Sources: 9% LIHTC, State and City deferred, MHFA mortgage


Landon Group role: Secure financing

Colonial Square, a 77-unit building located on a 5.6-acre site, was originally built in 1913 as a dormitory for the Mankato Normal School. Having undergone numerous additions and remodels over the past century, Colonial Square had not been rehabilitated since 1979. The 2022 rehabilitation addressed numerous critical needs, including ventilation, electrical and safety, and plumbing systems; replacing hazardous hardscape surfaces, and mitigation water infiltration and water damage. In addition needed maintenance work to tenant amenity spaces, the brick exterior, and HVAC systems was also undertaken.

Colonial Square is 100% Project Based Section 8, serving households at or below 50% AMI. Twenty (20) units are further restricted to households at or below 30% AMI. In addition 12 units serve People with Disabilities, who are referred by Blue Earth County. Its 54 one-bedroom and 23 two-bedroom units provide households, including families with children, with a quality, affordable housing option in Mankato’s Lincoln Park.