Twin Cities Multifamily Properties Take Home Top Prizes
Four HUD multifamily developments in the Twin Cites metropolitan region won the Minneapolis/St. Paul Business Journal "2006 Best in Real Estate" awards. This prestigious honor recognizes the successful contribution that the Minneapolis Multifamily HUB has worked hard to accomplish alongside its business partners in ensuring these outstanding affordable housing developments find their way through the pipeline. A panel of nine third-party judges selected the winners, and Minneapolis HUD is proud of this distinction and proud of its involvement with these award-winning developments!
These complicated developments include multiple funding sources such as tax increment financing, project based section 8 assistance, as well as funding from cities, counties, and non-profits. No one entity can fund these types of developments alone; it takes a collaboration of highly dedicated funders working together. Howard Goldman, Director of Multifamily Housing in the Minneapolis Field Office, is particularly pleased with these four developments. "These are what I am most proud of because they are the most complicated deals in town."
First prize - Community Impact Franklin-Portland Gateway, Phase II -- The Jourdain
CCHT and Hope Community Inc developed the Jourdain with financing from HUD as well as a total of 9 other funders in Minneapolis. It includes 41 housing units, 60% affordable to families earning 50 percent or less of the Twin Cities median annual household income, as well as a grocery store.
First prize - New Mixed-Use Development University Dale Apartments and Rondo Community Outreach Library
The City of St. Paul, Legacy Management & Development Corporation, and the St. Anthony Neighborhood Development Corporation in St. Paul developed the University Dale Apartments. This development includes a total of 98 housing units with a blend of affordable and market-rate units financed by HUD as well as 11 other backers.
First prize New Multifamily Residential Development St. Anthony Mills Apartments
The St. Anthony Mills Apartments was developed by Brighton Development Corporation with 13 different funding sources.First prize - Redevelopment/Extensive Renovation - Small, Residential Cecil Newman Housing
Minneapolis HUD has worked with Cecil Newman since its inception in the 1960's. Located on the north side of Minneapolis, Cecil Newman used to be a hot spot of drugs, crime and violence. Minneapolis HUD, along with Legacy Management and 9 other backers completely renovated the 64 project-based Section 8 units. Raising the $11.4 million was not easy, but for the residents of Cecil Newman and the surrounding neighborhood, it was necessary. The Director of Multifamily housing in the Minneapolis Field Office states, "We were committed to making this deal work any way we had to, and we did."
These four award-winning properties offer valuable contributions to the development of their communities, in general, and to the provision of affordable housing specifically, of which the Minneapolis HUD Field Office is proud to be a part.
|Content Archived: July 27, 2011|