Project will turn brownfield into new homes and greenspace
Work has officially begun on a new City-supported project in the Prospect Park neighborhood that’s turning blighted industrial land into a new residential area. When completed in July 2019, Green on Fourth Apartments at 2949 Fourth St. SE. will provide the Prospect Park neighborhood with innovative urban design of new housing, green space and a district storm water system.
The project involves constructing five- and six-story apartment buildings, with 243 units and underground parking. When Green on Fourth opens, it will serve residents with a mix of incomes. More than 25 percent of the apartment units (66 units) will be restricted to households with incomes at and below 60 percent of the area median income. Of those income-restricted units, 49 will be available to households with incomes at and below 50 percent of the area median income.
“For people and families in Minneapolis, a lack of access to affordable housing is what stands between them and economic security,” Mayor Jacob Frey said. “The Green on Fourth – the product of years of hard work and collaboration among the City of Minneapolis and private and public partners – will help people find that security and build a life in our city.”
“This is a great success for the broader Towerside Innovation District and a lot of credit goes to all the work that so many neighbors and business owners have put into it so far,” said Council Member Cam Gordon, whose ward includes Green on Fourth. “It’s the first Towerside building to include affordable housing, and is a great step towards building the truly mixed-income, diverse new neighborhood the community has envisioned for hundreds of new homes and jobs in the years to come. The project includes a number of innovations, making district stormwater and a signature new greenspace possible at the heart of the district.”
“After many years of fits and starts, I’m very happy to see this coming to life,” said Council Member Lisa Goodman, chair of the Economic Development & Regulatory Services Committee. “Green on Fourth is a great project in the right location that also meets the City’s objectives of having more high-quality, affordable housing options out there for residents. This has been a long time coming.”
Residents of Green on Fourth will have access to a number of transportation options. It’s located within walking distance to University Avenue and the METRO Green Line and adjacent to the Green Fourth pedestrian greenway street improvement project.
The land is the former location of Boeser Sheet Metal. The contaminated site was remediated with help from Hennepin County and the Metropolitan Council.
In partnership with the Mississippi Watershed Management Organization, a portion of the site will be used to collectively treat stormwater from several surrounding developments. In addition, a portion of the site will be dedicated as future green space for the area.
The City collaborated with Timberland Partners and Prospect Park Properties to make Green on Fourth a reality.
City of Minneapolis support of this project includes:
- $1.225 million of Affordable Housing Trust Funds
- $3.965 million in Tax Increment Financing
- $2 million in Livable Communities Transit Oriented Development Acquisition Funds
- Support for $1,000,000 in grant funds from Hennepin County
About Timberland Partners: Founded in 1992, Timberland Partners is recognized as a premier investment, development and management company with more than 12,000 units produced across the country. Timberland owns market-rate and affordable properties and self-manages all of the properties it owns. Their monitoring of each individual property ensures it is meeting budget expectations for income and expenses. This approach also allows Timberland to be tenant-focused; ensuring residents receive great service and an enjoyable safe place to call home.
About Prospect Park Properties: Prospect Park Properties Principal has been managing commercial real estate in Prospect Park since 1972, with a focus on acquiring and developing properties near its existing holdings in southeast Minneapolis. In 2016, Prospect Park Properties assembled 25 contiguous acres, creating a unique opportunity for new development. Creating synergies between all of its developments is Prospect Park Properties primary focus.
Published Mar 15, 2018