- Project Name: Broadway Flats
- Client: Rose Development, LLC / Lupe Development Partners, LLC
- Landon Group Role: Secure financing; coordinate underwriting and closing; coordinate draws throughout construction
- Address: 2220 West Broadway Avenue, Minneapolis
- Project Cost: $24.3 million
- Financing: Tax-Exempt Revenue Bonds – HUD insured 221(d)(4) loan; 4% Low Income Housing Tax Credit Equity; Deferred financing from Minnesota Housing, City of Minneapolis, Hennepin County, MN Dept of Employment & Economic Development, Metropolitan Council; Energy Solar Rebate
- Project Size: 103 affordable rental units; 19,000 square feet of retail space
- Contractor: Frana Construction
- Architect: Elness Swenson Graham (ESG) Architects, Inc.
Broadway Flats is a mixed-use affordable housing and commercial development in North Minneapolis that leads the way for further housing and transit-oriented development in an area long-seeking renewal and investment.
In May 2011, a tornado hit North Minneapolis, completely destroying or severely damaging over 3,000 properties. The Rose family, longstanding business owners in the area, lost a number of their businesses including one on this site. They partnered with Lupe Development and Minnesota Attainable Housing Corporation to complete this project. Public policy and community support have enabled Broadway Flats the opportunity to stabilize the West Broadway area.
Broadway Flats ensures long-term operating affordability through the addition of solar panels. This addition was made possible by winning a solar panel rebate through a statewide lottery.
Broadway Flats was selected as a Finance and Commerce Top Project of 2016!