Twelve22 Living

1222 University Avenue West, Saint Paul, MN

Project Type: Rehabilitation

DETAILS:


Project Stage: Completed


Size: 55


Original Construction Date: 1922 as St. Paul Casket Company


Rehab Completion: 2024


Developer: JB Vang


Project Cost: $24.9 million


Funding Sources: 4% HTC and LIHTCH/City deferred/mortgage/Environmental/Energy Rebates


Landon Group role: Secured financing and assisted with closing

Twelve22 is an adaptive reuse project. The 100-year-old St. Paul Co. casket factory (later offices and warehousing) building was converted into 55 one- and two-bedroom affordable apartments serving households at or below 30-60% AMI.

Twelve22 is a quality project, one of the first to receive funding from a Saint Paul fund designed to help build deeply affordable housing. It received additional support from state and federal historic tax credits, LIHTC, tax-exempt bonds and TIF.

Because the building, which is listed on the National Register of Historic Places, was rehabilitated using state historic preservation tax credits, JB Vang had to preserve original characteristics, including terrazzo floors and cutouts that highlight the building’s unique columns.

Residents are well-served by Twelve22 with amenities such as in-unit washers and dryers, a grocery store within walking distance, and thick walls that keep the sounds of University Avenue at bay.