Community Planning & Economic Development

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Lamoreaux Addition

706 First Avenue North

Three-story vertical addition to existing three-story building in downtown Minneapolis, adding 39 units of affordable housing to a 34 unit apartment building. The building now has a total of 73 affordable apartments.

Twenty-nine units in the Lamoreaux Addition are affordable to households with incomes at or below 30% of Area Median Income, 10 units in the Lamoreaux Addition are affordable to households with incomes at or below 50% of Area Median Income. All 34 units in the original Lamoreaux building are affordable to households at or below 30% of Area Median Income.

Developer:

Central Community Housing Trust

Architect:        

DJR Architecture Inc.

Financing:

$3,447,107 - Equity from Syndication Proceeds from Housing Tax Credits

$102,687 - Central Community Housing Trust Equity

$743,015 - University of St. Thomas

$132,203 - Federal Home Loan Bank Affordable Housing Program

$400,000 - NRP Affordable Housing Reserve Fund

$95,000 - Downtown Minneapolis Neighborhood Association NRP

$965,000 - MHFA Economic Development Housing Challenge Fund

$198,305 - Hennepin County Affordable Housing Incentive Fund

City Investment: 

$1.96 million - 2 year Bridge Loan Pass-Through from University of St. Thomas

$495,000 - Neighborhood Revitalization Program

Total Development Cost: 

$6 million

Number of Units:

39 new units, 73 total units

Renovation Start Date:  

November 2002

Expected Completion Date: 

December 2003

For More Information:

Marketing, CCHT – (612) 341-3148

November 2003

Last updated Oct. 28, 2011