Community Planning & Economic Development

Phone: (612) 673-5095
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Gaar Scott Historic Lofts

614 First Street North

Gaar Scott Historic Lofts is another riverfront housing project. The  30-unit project includes 9 one bedroom rental units affordable to individuals at or below 50 percent of the Standard Metropolitan Statistical Area, and 15 loft units at market rents. Six of the market-rate units are furnished and leased to the Minnesota Opera for their out-of-town performers. An adjacent concrete building was torn down to provide 24 surface parking spaces for the apartments.

Developer:

Brighton Development

Financing: 

$3,000,000 Tax-exempt Housing Revenue Bonds

 

$300,000 Taxable Housing Revenue Bonds

 

$846,561 Syndication Proceeds

 

$631,527 Developer Loan

 

$697,500 Development Account

City Investment:

$697,500

Total Development Cost: 

$5,522,929

Number of Units:

21 rental housing units

 

9 one bedroom affordable units 

Renovation Began:  

September 2000

Renovation Completed:

December 2001

For more information:

BDC Management (612) 371-0766.

Information subject to change.

January 2002

Last updated Oct. 28, 2011