urbanMSP

Finessing finance at A-Mill, Longfellow Station
Posted: 7:30 am Fri, June 1, 2012
By Burl Gilyard
Tags: A-Mill Artist Lofts, Dominium, Megan Ryan, Minnesota Housing Finance Agency, NorthMarq Capital, Owen Metz, Pat Minea, Pillsbury A Mill, Sherman Associates, Wes Butler
Financing details continue to shift for two large Minneapolis apartment proposals at closely watched sites.

http://finance-commerce.com/2012/06/fin ... w-station/

I received a construction notice in the mail today that says construction will begin on this project the week of September 4th. Finally!

According to my figures then, there are nearly 700 units actively being constructed -- either currently or in upcoming phases (Seward Redesign Project) -- right now along the Hiawatha Corridor. Not bad!

http://www.sherman-associates.com/news/ ... n-project/



Sherman Associates closes on $28.5 million Longfellow Station project
Posted on September 4, 2012 by ahalverson
Sherman Associates, Inc.

"Friday, August 31, Sherman Associates closed on the $28.5 million Longfellow Station project, which will provide both affordable and market rate housing to the growing Hiawatha Light Rail corridor. The 180 unit, mixed income property utilized Low Income Housing Tax Credits (LIHTC), traditional financing, and numerous other local, county, and state programs to leverage the funds needed complete the 15 month construction. With rents ranging from $590 to over $1,300 per month, Longfellow Station will provide an affordable and attractive community for one of Minneapolis’ most rapidly evolving neighborhoods."

Wow, this project has been a long time coming. Hopefully there's more to follow.

There's a small construction trailer on site. I don't recall seeing it earlier this week.

They're excavating at this site.

It looks so much more massive than the 180 units it actually is! But that's one reason why I like this project so much, because it fills in a large area along the corridor with high-density housing, and helps transform this corridor into a truly urban one.

Hiawatha has quite a ways to go before becoming "truly urban."

New residential buildings along the corridor are like putting lipstick on a pig.

Except if you put enough lipstick on of the right shade it actually becomes a beautiful women.

Except if you put enough lipstick on of the right shade it actually becomes a beautiful women.

Or one ugly drag queen.....

Hiawatha has quite a ways to go before becoming "truly urban."

New residential buildings along the corridor are like putting lipstick on a pig.

Right, but it's a step in the right direction (attractive or no).

I think these complaints about the location miss the main point. Longfellow Station uses low-income tax credits to provide lower rents in units with easy access to the LRT and bus lines. With few exceptions (Emanuel, Boxleitner), the apartment developments followed on this site are primarily market rate, and in downtown many are luxury units.

With more and more of the new job opening appearing at the bottom end of the pay spectrum, it's extremely important to create decent, affordable housing for people who will take these jobs but can't easily afford to operate a car, especially to commute to downtown where parking could eat up a good hunk of those low wages. They'll put up with Hiawatha, the rail corridor, and the power lines for a project that addresses this need.

I don't think anyone's complaining about the location. It's actually pretty nice--close to LRT, close to Hi-Lake shopping center, nice surrounding neighborhoods and nodes. I just think it's a far cry to call Hiawatha a truly urban corridor.

Instead of comparing it to a pig, let's go with a large woman. You can put lipstick and nice clothes on her (new mixed use buildings), but what she really could use is a diet (fewer lanes) and exercise (better bike facilities and more walkability).

Amen Brothers! Preach it!

Looks like the building on the corner of 38th and Hiawatha will be a 1 story retail, and the building south of that will be the apartment building.

http://www.sherman-associates.com/longf ... ommerical/

Looks like the building on the corner of 38th and Hiawatha will be a 1 story retail, and the building south of that will be the apartment building.

That's disappointing. Not surprising, but this project has become less and less impressive as it's evolved over the years.

There's a hole over here already.

Its starting to poke out above ground level.