
Woda Cooper Cos. has broken ground on its first development in Minnesota.
The affordable housing firm and co-developer Project for Pride in Living are creating 46 new affordable and supportive housing units for families and individuals, with 12 units dedicated to people experiencing housing insecurity.
Located in the North Loop neighborhood of downtown Minneapolis, Shelby Commons will offer one-, two-, and three-bedroom units for households earning between 30% and 80% of the area median income.
Minneapolis Public Housing Authority (MPHA) will provide 12 project-based vouchers for rental assistance, and Hennepin County will provide five Housing Supports to subsidize rents and also supportive services.
Shelby Commons will feature a community room, underground parking, and outdoor spaces, including a rooftop terrace, a playground, and community gardens for residents. It will also have more than 2,000 square feet of public art across two large-scale exterior murals commissioned by Juxtaposition Arts.
Primary financing for the $23.2 million development was supported through low-income housing tax credits allocated by the Minnesota Housing Finance Agency and the city of Minneapolis. Equity financing will be provided by Merchants Capital. A first mortgage will be provided by Security Bank & Trust, and a second soft mortgage will be provided by Hennepin County Accelerator. Huntington National Bank is the construction lender.
The architect for the development is CRW architecture + design group with BKV Group. The general contractor is Minneapolis-based Greiner Construction, and the property will be leased and managed by Woda Management & Real Estate, a Woda Cooper Cos. affiliate.