Gus Johnson Plaza

413 North 4th Street, Mankato, MN

Project Type: Rehabilitation

DETAILS:


Project Stage: Completed


Size: 108 Project-Based Section 8 rental units


Original Construction Date: 1981


Rehab Completion: 2013


Developer: National Foundation for Affordable Housing Solutions (Saint Paul)


Project Cost: $12.6 million


Funding Sources: LIHTC, State deferred, debt


Landon Group role: Secure financing

The Gus Johnson Plaza project involved the acquisiton and rehabilitation of an aging Project-Based Section 8 building in Mankato, MN.  The scope of work encompassed significant improvements to the building’s envelope, including the replacement of windows, repair of deficiencies in the roof. The interior scope saw the replacing of outdated and inefficient HVAC and plumbing systems, and in-unit updates to kitchens and flooring.

In order to minimize disruption to the building’s senior population, the work was able to be completed while residents remained in place

The project was financed with tax credits, debt, and deferred financing from Minnesota Housing.