Aeon to Develop New Affordable Housing in Twin Cities
The nonprofit plans to build Greenway Terrace Apartments, a 54-unit community in Ramsey, Minn. The grand opening is expected in late 2018.
By Laura Calugar
Nonprofit developer, owner and manager of affordable homes Aeon closed on two acres of land in Ramsey, Minn., for the construction of Greenway Terrace Apartments, a 54-unit affordable housing project. Partners on the development include Dougherty & Co., which provided the mortgage along with HUD, Wells Fargo, which provided equity and funding for construction, the City of Ramsey with support from the Metropolitan Council, Anoka County and Minnesota Housing Finance Agency. Frana Cos. is the contractor and UrbanWorks Architecture is the architect.
Located on the block bordered by Center Street, 146th Avenue, Traprock Street and Ramsey Parkway, the three-story community will be two blocks from the Ramsey station of the Northstar commuter rail. The Draw, a park and amphitheater that is home to summer concerts, and the Ramsey farmers market, are across the street from the future property. The building will mostly feature two-, three- and four-bedroom units. Amenities will include:
- picnic area
- community room
- fitness center
- office space
- parking space
Work at Greenway Terrace Apartments has already begun, with a grand opening expected in late fall 2018. Nearly half of the mixed-income apartments at Greenway Terrace will serve residents earning 30 percent of the area median income and the remainder will serve those earning 50 percent of the area median income. The developer hopes to add an additional 47 large units for families during the second phase of construction.
“We see this property helping to boost retail in Ramsey, while providing high-quality homes for families in a great community,” said Aeon Vice President of Housing Development Blake Hopkins, in a prepared statement.
Aeon has been expanding its presence in the Twin Cities, most recently acquiring a 768-unit affordable housing portfolio for $77 million with several partners.
Image courtesy of UrbanWorks Architecture