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.
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Developer: |
Brighton Development |
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Financing: |
$3,000,000 Tax-exempt Housing Revenue Bonds |
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$300,000 Taxable Housing Revenue Bonds |
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$846,561 Syndication Proceeds |
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$631,527 Developer Loan |
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$697,500 Development Account |
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City Investment: |
$697,500 |
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Total Development Cost: |
$5,522,929 |
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Number of Units: |
21 rental housing units |
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9 one bedroom affordable units |
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Renovation Began: |
September 2000 |
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Renovation Completed: |
December 2001 |
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For more information: |
BDC Management (612) 371-0766. |
Information subject to change.
January 2002
Last updated Oct. 28, 2011