Lupe Development Partners to break ground on phase one of Lyn-Lake affordable housing development

Lupe Development Partners announced today it has closed financing and will break ground on the first phase of its housing campus in the Lyn-Lake area, marking a major milestone in the project’s development. Located at 410 W. Lake Street, the first of three buildings will include 111 affordable housing units with nine units 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, programming and services. To be eligible for housing, residents will need to meet income restrictions of $30,000 to $42,000 a year. The development will include a mix of studio, one- and two-bedroom units. Construction on a second identical building – phase two of the project – is scheduled to begin in 2020. Plans are currently underway for a third building at the northeast corner of Garfield Avenue and West Lake Street.

Read more about the ground breaking in the Minnesota Real Estate Journal.

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Lupe Development Partners to break ground on first phase of affordable housing project in South Minneapolis

Lupe Development Partners is set to break ground on the first phase of its affordable housing project in the Lyn-Lake area of Minneapolis. Located at 410 W. Lake St. south of Minneapolis, the first of three buildings will feature 111 units, nine of which will be intended for homeless veterans. The range of annual household income to be eligible for housing is $30,000 to $42,000. 

Read more about this project in Heartland Real Estate Business.

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Lupe Development Partners to break ground on phase one of Lyn-Lake affordable housing development

Lupe Development Partners announced today it has closed financing and will break ground on the first phase of its housing campus in the Lyn-Lake area, marking a major milestone in the project’s development. Located at 410 W. Lake Street, the first of three buildings will include 111 affordable housing units with nine units 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, programming and services. To be eligible for housing, residents will need to meet income restrictions of $30,000 to $42,000 a year. The development will include a mix of studio, one- and two-bedroom units. Construction on a second identical building – phase two of the project – is scheduled to begin in 2020. Plans are currently underway for a third building at the northeast corner of Garfield Avenue and West Lake Street.

“In a neighborhood where abundant, quality housing is often only available through luxury properties, the Lake Street Apartments will provide greater affordable housing choices to working residents,” said Steve Minn, vice president and chief financial manager of Minneapolis-based Lupe Development Partners. “We are proud to serve homeless veterans by including safe, veteran-specific units in the development, and look forward to continuing our partnership with Hennepin County and the VFW Post 246 on this important issue.”

“Stable housing is a right. The vitality of Minneapolis is dependent upon every person in our community having access to a safe, reliable home,” said Minneapolis Mayor Jacob Frey. “The Lake Street Apartments are a great example of the positive impact the private sector can have in creating smarter, more affordable housing options. This investment in the Lyn-Lake neighborhood will benefit all of Uptown.”

Located close to the Midtown Greenway in a transit-rich area, the Lake Street Apartments will feature various amenities, including a fitness facility, a business center, community rooms, outdoor decks, a green roof, solar panels and a bike room with a repair station. The development is also within a half-mile of the new Bus Rapid Transit (BRT) station at Lake Street and I-35W, and is served by several high-frequency bus routes.

In fall 2018, the Metropolitan Council awarded the project a $1.2 million grant from its Livable Communities Demonstration Account and the Minneapolis City Council approved a $2.375 million loan from its Affordable Housing Trust Fund. Other funding partners for phase one of the Lake Street Apartments include Hennepin County and the AFL-CIO Housing Investment Trust, which agreed to be the senior construction and permanent lender on the project because of the firm’s commitment to skilled labor.

“Lupe Development has made a concerted effort to utilize the highly trained unionized construction workforce in Minneapolis on its affordable housing projects,” said Dan McConnell, Minneapolis Building and Construction Trades Council business manager. “This effort – in conjunction with Frana Companies – has produced a high-quality product delivered on time and on budget, and we have been pleased to be a part of that work.”

Full construction is estimated to be completed by June 2020. Opportunities to lease units in the new development will begin in February 2020.

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Senior housing developers partner with Minneapolis’ Bryn Mawr neighborhood

Hundreds of apartments for seniors could rise in the Bryn Mawr neighborhood of Minneapolis, without the conflict that often accompanies new developments in old neighborhoods.

On Thursday, the Minneapolis Planning Commission’s Committee of the Whole heard a presentation about the project from Lupe Development and Swervo Development. But the project has been in the works for more than a year.

Read more about this collaborative project in the Star Tribune.

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Revised Bryn Mawr plans put focus on seniors

A pair of Minneapolis developers have updated their plans to remake the former CenturyLink campus in Bryn Mawr, far more than doubling the number of units devoted to seniors.

Steve Minn of Lupe Development and Ned Abdul of Swervo Development plan on building two six-story, 100-unit senior apartment buildings, including one that’s exclusively for people with incomes below a certain threshold. Together, the buildings will occupy the west side of the 8.3-acre site, which includes a vacant 100,000-square-foot office building flanked by surface parking lots. Abdul currently owns the entire site.

Read this Southwest Journal story to learn more.

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Lupe and Swervo Development’s Bryn Mawr project is all for seniors

Swervo Development Corp. and Lupe Development Partners have refined plans to build apartments in Minneapolis’ trendy Bryn Mawr neighborhood, modifying a year-old proposal to include only senior housing.

The two Minneapolis developers plan to build 100 affordable senior apartments, 100 market-rate senior apartments and a 72-unit assisted-living building at 2800 Wayzata Blvd., according to documents submitted to the city. The housing would share the 8.63-acre property with a 100,830-square-foot office building the developers will renovate.

Read more in Finance & Commerce.

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Ned Abdul, Steve Minn plan senior housing in Bryn Mawr neighborhood

Two Minneapolis developers — Ned Abdul and Steve Minn — are partnering on a plan to build 200 units of senior housing in Minneaoplis’ Byrn Mawr neighborhood.

The project is at the 8.3-acre site of a three-story, 1956 office building that was most recently home to CenturyLink Inc. Abdul is renovating that 100,000-square-foot building. It’s surrounded by a large surface parking lot. The plans would take much of the western half of the parking for two six-level senior housing buildings. One would be market rate; the other would be affordable. 

Read more in the Minneapolis-St.Paul Business Journal.

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Developer Steve Minn talks about making affordable housing work

Star Tribune by Jim Buchta

During the 1990s, Steve Minn served on the Minneapolis City Council and later in Jesse Ventura’s administration as commissioner of public service and commissioner of commerce, but for decades he has been an active, outspoken and sometimes controversial housing developer in the Twin Cities metro area.

Minn, a co-owner and CFO of Lupe Development Partners, is now one of the most active affordable-housing developers in the Twin Cities metro. The company has six income-restricted projects with a combined 750-plus units in the pipeline including several that are along transit lines.

Minn isn’t going it alone. He’s partnering with other developers and is partnering with several community organizations and service providers. We asked Minn about Lupe’s strategy. 

Read the full Q&A with Steve here.

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Just Sold: Lupe Development, Launch Properties team up on Woodbury site

Finance & Commerce by Anne Bretts

Minneapolis developer Steve Minn had planned to redevelop an MGM Wine & Spirits store in Woodbury into a bank or credit union as part of a larger gateway redevelopment around the Valley Creek Road interchange along Interstate 494.

Minn, vice president of Lupe Development, confirmed this week that he and Dan Regan, principal in Minneapolis-based Launch Properties are nearly done assembling five parcels to create a 9-acre site in the southeast quadrant of the interchange, but will let a St. Paul-based credit union tackle the MGM redevelopment on its own longer timeline.

Hiway Federal Credit Union closed Feb. 15 on the $3.8 million purchase of the fully-leased 13,829-square-foot building and 1.2-acre site lot at 1580 Woodlane Drive. The seller was Next-Tech Development LLC, an entity related to Minn’s company, Lupe Development. Brian Brisky, president of Brisky Commercial in Minneapolis, represented Minn.

Read the full story here.

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Spring construction planned for apartment near Lyn-Lake

Southwest Journal by Nate Gotlieb

A Minneapolis-based development company says it expects to start construction this spring on a 111-unit affordable apartment building near Lyn-Lake.

Lupe Development Partners announced Nov. 26 that it would be “accelerating” the start date for the building, the first of two it will build in the neighborhood. The company said in a press release that it expects to start building the second 111-unit building in spring 2020.

The first building will be located at 410 W. Lake St., which is two blocks east of Lake & Lyndale. The second would be located at 510 W. Lake St., which is one block east of the intersection.

The City Planning Commission approved plans for 410 W. Lake St. this past summer. Lupe said it expects to begin leasing the building in 2020.

Residents will need to meet income restrictions of $30,000 to $42,000 a year, the press release said. The building will include nine units intended for veterans who are homeless.

Lupe is partnering with Hennepin County and the nearby James Ballentine Uptown VFW Post 246 to serve the veterans.

Read the full article here.

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