Mill City Quarter

322 South Second Street, Minneapolis, MN

Project Type: New Construction

DETAILS:

Project Stage: Completed

Size: 140 affordable rental units; 14,000 square feet of retail space

Year Constructed: 2016

Developer: Eagle Iron Partners (Lupe Development Partners and The Wall Companies)

Project Cost: $37.2 million

Funding Sources: 4% LIHTC, Met Council, tax-exempt revenue bonds - conventional mortgage, State/Met Council/County/City deferred

Landon Group role: Secure financing, coordinate closing

Mill City Quarter is a mixed-use development located at the gateway to the historic riverfront milling district in downtown Minneapolis. 100% of the units are designated as affordable, appropriate for individuals and small households.

In a neighborhood where more transit-supported shopping options are needed, the retail component of the project includes a single-user, destination-style tenant such as a grocery store or pharmacy. Service retail has the added benefit of reducing single occupant vehicle trips by offering daily goods on site.

Mill City Quarter adopts a unique woonerf design element: a Dutch shared-street concept where bikes, pedestrians, and cars co-exist on an environmentally friendly street. The space is curbless with the vehicular travel lanes defined via bollards and changes in paving surface type and/or color.  A woonerf is designed for very slow speeds, similar to those typically found in parking lots.  It allows the pedestrian to become the focus of the space and the vehicle is seen as the visitor.

Mill City Quarter was selected as a Finance and Commerce Top Project of 2016!