Lupe Development Partners announced today it is accelerating its start date for phase one of an affordable housing development campus in the Lyn-Lake community of Whittier after receiving two critical funding contributions from local partners. The Metropolitan Council recently awarded the project a $1.2 million grant from its Livable Communities Demonstration Account, while the Minneapolis City Council approved a $2.375 million loan from its Affordable Housing Trust Fund.
The first of two buildings will be located at 410 W. Lake St., and will include 111 affordable housing units including nine intended for homeless veterans. Lupe Development is partnering with Hennepin County and the nearby Ballentine VFW Post 246 to serve homeless veterans with safe housing and services. Construction on phase two – an identical building – is scheduled for a 2020 start date.
“Lake Street Apartments will address a growing need for quality, affordable workforce housing in this neighborhood,” said Steve Minn, vice president and chief financial manager of Minneapolis-based Lupe Development Partners. “Gentrification has priced many existing residents out. Our funding partners and VFW Post 246 will help us do our share to address veteran homelessness, which we are excited to include in our program.”
The proposed phase one development would include a mix of studio, one- and two-bedroom units. To be eligible for the housing, residents will need to meet income restrictions of $30,000 to $42,000 a year. Located close to the Midtown Greenway, the proposed development will feature a green roof, solar panels, a fitness facility, a business center, community rooms, outdoor decks, and a bike room with a repair station.
Phase one plans were approved by the City of Minneapolis in August 2018. Construction is expected to begin in Spring 2019 with leasing beginning in 2020.