Lake Street Dwelling Brings Affordability to the Heart of Uptown

Construction topped-off on first building in Lupe Development’s mixed-income project

MINNEAPOLIS, MINN. — Following the topping off of the sixth floor, construction on the exterior of Lupe Development Partners’ Lake Street Dwelling project in Uptown is progressing rapidly allowing for greater focus on finishing the units and common areas. As construction shifts to the building interior, the leasing office for the 100% affordable housing building is now open. The first residents are expected to move in November 2020.

Time-lapse of construction progress at Lake Street Dwelling.

Lake Street Dwelling is the first phase of a mixed-income housing campus under development at the northeast corner of Lake Street and Harriet Avenue. The building at 410 W. Lake St. under construction includes 111 affordable housing units with nine units reserved for homeless veterans. Hopkins-based Frana Companies is the general contractor. Lupe Development is partnering with Hennepin County and the nearby Ballentine VFW Post 246 to serve homeless veterans with safe housing and services.

“When Lake Street Dwelling opens this November, it will meet the growing demand for greater affordability in the Uptown area. We are encouraged by interest in the building and will work with our supportive housing partners to ensure people get the affordable housing they need,” said Steve Minn, vice president and chief financial manager of Minneapolis-based Lupe Development Partners.

The first building includes 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 property 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.

Lupe Development is also seeking approvals to build an entry-level market-rate building with 132 units and another 95-unit affordable building in subsequent phases. Construction on the market-rate building could begin as early as July 2020.

Prospective residents will be able to view floorplans and discuss eligibility with a member of the Lake Street Dwelling management team either by phone or in person at the leasing office. At this time, all in-person meetings will continue to follow social distancing guidelines. Visit lakestreetdwelling.com to learn more.

Posted in Lupe Development | Leave a comment

Lupe Development buys notorious Woodbury hotel site, clearing path for $25M project

Lupe Development Partners has closed on its purchase of Key Inn Motel in Woodbury, a key parcel in the company’s plan to redevelop the southeast quadrant of the Interstate 494/Valley Creek Road interchange.

Read more about this project in the Minneapolis/St. Paul Business Journal.

Posted in Lupe Development | Leave a comment

Just Sold: Woodbury hotel sold for redevelopment

Minneapolis-based Lupe Development Partners LLC, has closed on the purchase of the Key Inn in Woodbury, locking up the last of three parcels it needs for its Valley Creek Redevelopment project.

Read more about this project in Finance & Commerce.

Posted in Lupe Development | Leave a comment

Agencies, lenders ramp up financing for affordable housing properties

Lenders have a large toolbox of financing mechanisms available to combat the affordable housing crisis and facilitate the development and preservation of affordable units. Many loans are processed through agencies, including government-sponsored enterprises such as Fannie Mae, Freddie Mac and the Federal Housing Administration (FHA).

In this interview with Heartland Real Estate Business, Steve Minn discusses affordable housing financing and his recent Lake Street Dwelling project in Minneapolis. Read the full article.

Posted in Lupe Development | Leave a comment

Column: Inclusionary zoning will worsen the Twin Cities affordable housing shortage

Former city policymakers as well as longtime affordable housing developers Steve Minn of Lupe Development and Steve Cramer with the Building Minneapolis Together coalition discuss inclusionary zoning and other affordable housing policies in this Community Voices column.

Read the full column at MinnPost.

Posted in Lupe Development | Leave a comment

More Twin Cities apartments welcome pets — for a price

Steve Minn, of Lupe Development Partners, discusses the growing trend of pet-friendly rentals in the Twin Cities market. Being pet-friendly inspires tenant loyalty and reduces renter turnover.

“With the right deposit and the right review of who the pet is, you know, we interview the pets, it’s an enhancement for both the landlord and the tenant,” he said. Read the full story at Minnesota Public Radio.

Posted in Lupe Development | Leave a comment

Woodbury mixed-use development advances

Lupe Development project will replace motel, office space with medical building, restaurant, retail space. 

The Key Inn motel and the former Spire Credit Union in Woodbury are to be demolished to make way for a mixed-use development that will include a medical office building and retail spaces.

The Woodbury City Council on Oct. 9 approved Minneapolis-based Lupe Development Partners’ planned unit development application for the project. The plan is to replace the motel, located on Valley Creek Road close to Interstate 494, with a 34,000-square-foot medical office building.

Learn more about the project in the Star Tribune.

Posted in Lupe Development | Leave a comment

Lupe to redevelop retail site in Woodbury, Minnesota into medical office

Lupe Development Partners has unveiled plans to redevelop a 6.7-acre retail site at the intersection of Valley Creek Road and I-494 in Woodbury. Lupe will tear down an existing Key Inn motel to make way for a new 34,000-square-foot medical office building. There will also be a credit union-anchored retail building and a drive-thru restaurant. 

Read more about this project in Heartland Real Estate Business.

Posted in Lupe Development | Leave a comment

Woodbury’s Key Inn to be demolished to make way for redevelopment

The troubled Key Inn will soon be no more.

Woodbury City Council approved an application Wednesday evening for Minneapolis-based Lupe Development Partners LLC to redevelop the southwest corner of Valley Creek Road and Woodlane Drive. Plans include demolition of the motel, located at 1806 Wooddale Drive, along with a multi-tenant office building at 6949 Valley Creek Road.

Read more in the Bulletin.

Posted in Lupe Development | Leave a comment

Mixed-use redevelopment will replace problem motel in Woodbury

Lupe Development Partners has the green light to redevelop the southeast quadrant of the Interstate 494/Valley Creek Road interchange in Woodbury with retail and medical office. 

The Minneapolis developer received City Council approvals for the $25 million project Wednesday night. Lupe plans to demolish the Key Inn Motel and the Spire Credit Union building on the 6.75-acre site, according to a press release. The Cowboy Jack’s bar in between those two buildings will remain, as will two small office buildings, which will be renovated. 

Read more about the redevelopment in the Minneapolis/St. Paul Business Journal.

Posted in Lupe Development | Leave a comment