Dominium to Begin Twin Cities Affordable Project
- Jul 28, 2021
Dominium has acquired a 5.2-acre parcel for its Harbor at Twin Lakes development in Roseville, Minn. According to plans submitted to the city of Roseville, the senior affordable housing will have a total of 277 units.
Harbor at Twin Lakes will feature 131 one-bedroom, 116 two-bedroom and 30 three-bedroom units, with all apartments catering to residents aged 55 and over. The development is rent-restricted and will serve residents earning 50 percent of the area median income or below.
The upcoming community, located at 2730 Herschel St., is part of Dominium’s Twin Lakes Station redevelopment, which includes an affordable property dubbed Oasis at Twin Lakes. Dominium kicked off construction at the 228-unit community last July.
Harbor at Twin Lakes will comprise one five-story residential building as well as seven commercial buildings totaling 55,000 square feet. The project will also provide underground along with surface parking with a total of 294 spaces.
The development will place residents within walking distance of several shopping and dining options and will offer easy access to Interstate 35. Downtown Saint Paul is 10 miles southeast from the property, while central Minneapolis is roughly 8 miles southwest.
Securing the financing
The City of Roseville has issued a $35 million bond for the development. Freddie Mac later purchased the tax-exempt financing that is currently serviced by Greystone.
Additional financing includes $5.1 million in Tax Increment Financing funding as well as 4 percent Low-Income Housing Tax Credits. Huntington National Bank and Associated Bank Metropolitan Council have also provided construction loans for the development.
Dominium recently celebrated the grand opening of a 216-unit multifamily community in Balch Springs, Texas.