City approvals jumpstart second and third phases of Lupe Development Partners’ mixed-income project at Lyn-Lake
Construction to begin on entry-level market-rate building this summer
MINNEAPOLIS, MINN. — Following approvals from the Minneapolis City Council, Lupe Development Partners announced today it will start construction this summer on the second phase of its mixed-income campus in the Whittier neighborhood of Uptown, near the intersection of Lyndale Avenue and Lake Street. The developers also received approval for a third building, scheduled for construction in 2021.
The first project, called “Lago” at 500 W. Lake Street, is a seven-story, market-rate building with 132 units and 1,700 square feet of ground floor commercial space. Lago will contain studios, one‐bedroom and two‐bedroom units as well as townhome units, all priced to attract entry-level renters working in the area. The project is adjacent to Lake Street Dwelling, a 111-unit affordable building now under construction at 410 W. Lake Street. Phase three of the campus will be a future affordable building at 550 W. Lake Street with up to 95 units. Taken together, 61% of the campus could be affordable, offering a mix of high‐quality rentals with shared amenities at affordable price points.
“We are excited to continue the momentum for our mixed-income campus at Lyn-Lake,” said Steve Minn, vice president and chief financial manager of Minneapolis-based Lupe Development Partners. “With the recent devastation along Lake Street, continued investment in this neighborhood is critical. These projects fill a critical need for high-quality housing and amenities without the luxury price tag. Transit options on Lake Street are only getting better, and we will be in close proximity to the many jobs and employers in the area.”
Common amenities at Lago will include a green roof, a bicycle maintenance and repair room, a fitness facility, a business center, and community room spaces. Construction is expected to begin this August. Phase three, which was also approved by the Minneapolis City Council last week, is slated for construction in 2021. Lake Street Dwelling, the project currently under construction, is expected to welcome its first residents in October.
About Lupe Development Partners
Lupe Development Partners is a Minneapolis-based, women-owned enterprise that plans, develops, and manages residential and mixed-use real estate in the Twin Cities urban core. Since 1989, the company has developed, owned, and/or renovated more than 1,200 apartment or condominium units and more than 1 million square feet of retail, residential, and industrial property. Lupe Development Partners has recently completed several affordable housing projects, including Broadway Flats and Mill City Quarter in Minneapolis and East Side Apartments in Saint Paul.