How Lupe Development helped fulfill metro housing needs in 2023
In 2023, a strong need for housing was felt across the Twin Cities. As a local developer and owner of properties serving seniors, students, families and affordable markets, Lupe Development mobilized its partners to accelerate projects and provide much-needed housing for communities across the metro.
Thanks to strong partnerships with communities, government agencies, lenders and our construction team, Lupe produced 460+ new units of housing in the Twin Cities metro. Of the units added in 2023, nearly 80% are offered at affordable rates. From the Theodore (affordable) and Eloise (market-rate) at Wirth on the Woods to the Flats at Malcolm Yards to Forty-Forty Flats in Edina, 2023 was marked by city and community collaboration, resulting in improved housing options for all.
“This is the greatest number of units we’ve ever delivered in a single year, and we’re thrilled to provide great new options for people of all ages, incomes and needs,” said Lupe’s Vice President and CFO Steve Minn. “Thanks to the support of Minneapolis and Edina, we’ve been able to make several projects a reality in 2023. We look forward to expanding our portfolio in 2024.”
The Metropolitan Council estimates expected population growth in the Twin Cities region to require nearly 38,000 new affordable housing units between 2021 and 2030. In 2024 and beyond, Lupe hopes to continue to support this critical need in collaboration with communities to provide lasting quality and value for rental tenants across the housing continuum.
“As we look ahead, there are still many barriers for efficiently meeting the need for housing across the metro. We welcome creative approaches to get the job done,” Minn said.