Residential Project Reclaims Storm-Tossed Neighborhood
- Oct 15, 2015
A North Minneapolis neighborhood pounded by a tornado four years ago is making strides toward a fresh start. Oak Grove Capital has secured a $9.3 million FHA construction loan for Broadway Flats, a mixed-use residential community on the corner of Penn and West Broadway Avenues.
Situated less than three miles from the Minneapolis Central Business District, the development will combine 103 workforce housing units and commercial space.
Broadway Flats broke ground in May in an area that once housed buildings owned by the Rose Family; the properties were among 3,000 damaged by the tornado. The Rose Family is now working with Lupe Development Partners and Minnesota Attainable Housing Corp. to revitalize the location.
The project’s 19,000-square-foot ground-floor commercial space is slated to open in the spring of 2016, followed by the opening of the 103 housing units in July 2016. The mixed-use property will incorporate amenities such as business and fitness centers, underground parking, conference room, laundry facility, and bicycle storage. The building’s exterior will also incorporate a metro transit shelter to accommodate the future Bus Rapid Transit (BRT) C Line, scheduled to open in 2017.
The loan was secured by Oak Grove Capital’s Ken Dayton and Pat McMullen. “This particular community in North Minneapolis has needed renewal and a strong investor since being hit by a tornado in May of 2011,” Dayton said in a statement.
Rendering courtesy of Oak Grove Capital