Community Planning & Economic Development

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Stone Arch Apartments

601 and 701 Main Street Southeast

The Stone Arch Apartment project is a 221-unit apartment building containing four floors of living space over two levels of underground parking. There are 44 affordable rental units at 50 percent of area median income and another 47 units at 60 percent of area median income. The remaining units are market rate. The project is within walking distance of the downtown core via the Stone Arch Bridge, in an appropriate mix of studio, one- and two-bedroom configurations. 

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Developer:

Minneapolis Stone Arch Partners, LLC

Financing: 

$20,120,000 LIHTC Housing Revenue Bonds (Hennepin County)

$3,600,000 TIF Housing Revenue Bonds (Minneapolis)

$750,000 Environmental Grants

Total Development Cost: 

$33.5 million

Number of Units: 

221

Unit Configuration: 

14 efficiency, 75 one-bedroom, 132 two-bedroom

Number of Affordable Units: 

44 at 50% of Area Median Income

47 at 60% of Area Median Income

Construction Began:

Summer 2002

Expected Completion Date: 

October 2003, now leasing, call (612) 331-8100.

Information subject to change.

October 2003

Last updated Oct 28, 2011