In the post-pandemic era, markets across the United States are seeing population growth. Minnesota is making major strides to build affordable housing to meet new demand. Developers in large cities are increasingly looking to add an affordable component to their projects, and are using innovative strategies to find sites. From brownfield redevelopment to the conversion of defunct hotels, many exciting developments will bring new housing options to the state.
Here's a look at some of the innovative affordable housing options coming to Minnesota:
Developer Will Convert Edina Residence Inn Into Affordable Apartments
A local development group, Alpha Investment Group, plans to convert a Residence Inn by Marriott into a 136 unit affordable housing apartment. The hotel was built in 1990 and renovated in 2012, but was recently put up for auction. The anticipated cost of rent would range from $1,100 to $1,250. The project will be brought to the city's Planning Commission later this month.
Reuter Walton Plans $54M Affordable Housing Project in Little Canada
Minnesota based developer, Reuter Walton, is looking to begin their third affordable housing project. The city recently approved various parts of the project, with the plan of maximizing hospitality and housing in the city. The building will have 17 one-bedroom units, 112 two-bedroom units, and 45 three-bedroom units. The plan is to start construction in the summer of 2025 and complete it in December of 2026.
Green Bank is a Net-Zero, Mixed-Use Development WIth Affordable Housing
Once an abandoned golf course, a 1,100-acre property is set to become The Heights, a mixed-use development that will create 1,000 units of affordable housing and 1,000 living wage jobs through several light industrial buildings. The property will also feature the state’s first-ever geothermal energy system, and the whole project will be net-zero. St. Paul’s Port Authority, who purchased the property in 2019 for $10 million, is leading the transformation as sole owner and primary developer. Infrastructure and site preparation will be ready by 2025, and the entire development is expected to be complete by 2030.
