Stone Arch Apartments 2

520 2nd Street SE, Minneapolis, MN

Project Type: New Construction

DETAILS:

Project Stage: Completed

Size: 91 affordable rental units

Completion Date: 2014

Developer: Second Street Holdings, LLC (Lupe Development and Wall Companies)

Project Cost: $14.9 million

Funding Sources: 4% LIHTC, tax-exempt revenue bonds - HUD 221(d)(4) loan, Met Council/County/City deferred

Landon Group role: Secure financing

Stone Arch 2, a 91-unit affordable housing development, is a six-story building with three levels of underground parking. The design compliments the evolving change of character occurring in the neighborhood. Slender and elegant in profile, yet muscular in presence, the building represents the industrial form of the area. Many green features and sustainable materials are incorporated into the design and construction.

Situated one block from the Stone Arch Bridge Historic District, Stone Arch 2 is close in proximity to downtown Minneapolis and the University of Minnesota. Residents enjoy the excellent location, high quality construction, amazing amenities and affordable rents.