Exodus St. Olaf

Exodus is an incredible  opportunity to provide a broad mix of needed affordable housing in the core of downtown Minneapolis. St. Olaf Church has entered into a 99-year ground lease with Aeon to develop multiple sites surrounding their downtown church location; the ground leases will not only ensure the affordable homes are available well into the future but also translates to a multi-million-dollar contribution to the project.

As the first project in this transformation and the subject of this solicitation, Aeon is renovating the existing Exodus building south of St. Olaf Church, which was built in 1956 and has been vacant in recent years,  into 72-studio apartments. years. Aeon is undertaking a complete adaptive reuse of the building, updating mechanical components and adding an addition to help create additional space for supportive services. Once complete, the newly remodeled building will include offices for supportive housing staff, community room, fitness center, bike storage, and outdoor space.

The property was originally built to serve as an accommodation for young women in downtown Minneapolis, acting as a boarding home or dormitory that offered lower rents and provided meals. Aeon is excited to continue the building’s legacy to provide housing for those within our community that need it most.

Funding partners include Minnesota Housing, Metropolitan Council, Hennepin County, and the city of Minneapolis.

Exodus will strengthen the downtown community by adding a significant number of highly affordable, supportive rental housing units in an area that is conveniently located to the services and amenities for its residents.