Marshall Avenue Flats

1619 Dayton Avenue, Saint Paul, MN

Project Type: New Construction

DETAILS:


Project Stage: Construction


Size: 98


Completion Date: 2025


Developer: Pak Properties (Saint Paul)


Project Cost: $33.4 million


Funding Sources: 4% LIHTC, City deferred funding, Met Council, first mortgage


Landon Group role: Structure and secure financing, coordinate underwriting and financial closing, coordinate draws

Marshall Avenue Flats is a development of 98 units of workforce housing on an underutilized surface parking lot in St. Paul.  The transit-oriented project will serve households with incomes ranging from 30% to 60% AMI, with units ranging from one to three bedrooms. In additon, ten units will be set aside for households at 30% AMI. First floor amenities such as a shared community room and fitness center and a vibrant exterior will activate Marshall Avenue.

An enhanced pedestrian experience along Marshall Avenue will include an engaging modern façade at the street front and revitalized landscaping. Limited underground stalls will further encourage public transportation. A shared parking agreement will allow the project to reduce the number of surface stalls.  The project is also being built to SB 2030 Energy Standards and Saint Paul’s sustainable Building Policy, and Green Communities.