East Village
11th Avenue South between Eighth and Ninth streets South
This mixed income housing and commercial development involves the creation of a small urban village on the edge of downtown Minneapolis. Located in Elliot Park, the existing buildings on this block were deteriorating, and the neighborhood wanted to improve the area and its image. The neighborhood committed $500,000 of its funds toward the proposed development. It includes 179 units of affordable and market-rate housing, neighborhood retail and extensive landscaping. Seventy units are located in East Village North, a combination of townhouse and apartment units, and 109 apartment units are located in East Village South. The completed development has transformed the area into an inviting urban village.
| Developer: | Central Community Housing Trust and East Village Housing Corporation |
| City Investment: | $1,287,053 HOME Funds $3 million Tax Increment Financing $12,235,000 Housing Revenue Bonds $724,000 Low Income Housing Tax Credits $30,000 Community Development Block Grant $550,000 Leveraged Investment Funds $340,000 Community Economic Development Fund Loan $60,000 Urban Revitalization Action Program Loan $2,640,789 MCDA 1st Mortgage (FHLB) $800,000 Common Project - TIF |
| Sources of Funding: | $1,565,000 MN Housing Finance Agency/Family Housing Fund $500,000 NRP - Elliot Park Neighborhood $550,000 MN Livable Communities $325,000 Augustana Care Corporation $3,475,000 CCHT Loans $327,375 CCHT Deferred Developer Fee $5,401,193 Syndication Equity $300,000 DTED |
| Other Financing : | $168,000 Augustana Care Corporation |
| Total Development Cost: | Approximately $29 million |
| Projected Number of Units: | 179-40 affordable housing units, 139 market rate units |
| Unit Sizes: | Studio, 1,2,3,4 bedroom units |
| Site Size: | 2.9 Acres |
| Commercial: | Includes 5,500 square feet of commercial retail space |
| Construction Began: | 1999 |
| Completed: | Fall 2001 |
Information subject to change.
January 2002
Last updated May. 2, 2012