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New Development in North Minneapolis

On Monday, November 25, CommonBond Communities and Frerichs Construction will officially broke ground for the new West Broadway Crescent rental apartment complex located at 2000 West Broadway in North Minneapolis.  West Broadway Crescent will be a three story rental building with 54 units occupying 2022-1926 West Broadway.  All units will be affordable housing at 50% and 60% metropolitan medium income (MMI).  Amenities of the rental complex will include a pocket park, bike racks, an enhanced transit stop, and a tot lot as well as art elements incorporated into the building design. 

Residents of West Broadway Crescent will have free services available through an onsite CommonBond Advantage Service Center.  The center will offer a variety of services including connections to local community resources.  The services are custom designed for youth, seniors, families, and people with disabilities. The specific services that West Broadway Crescent Advantage Service Center will offer will depend on its residents’ needs.

“CommonBond recognizes the compelling need for affordable housing in North Minneapolis. We are excited to partner with the City of Minneapolis, the Basilica of Saint Mary, and all of the other financial and construction partners to bring together a very important housing community that will help revitalize the area,” said Paul Fate, President & CEO of CommonBond Communities.

In 2007, the City’s vision began to take shape for the Penn and West Broadway area and it began aggressively acquiring land in the area known as “The Curve.”  In total, the City owns more than 20 contiguous parcels on The Curve, ten of which were sold to CommonBond for the West Broadway Crescent project.

The City provided financial support in addition to land for the project including $1,095,000 from the Affordable Housing Trust Fund (AHTF) and $3.8 million in tax exempt housing revenue to finance the project.  The City also provided strong support for CommonBond’s Livable Communities Demonstration Account (LCDA) and Local Housing Incentives Account (LHIA) applications with the Metropolitan Council, which resulted in a $1 million award and $300,000 award respectively.  Passionate about the development of more affordable housing projects in North Minneapolis, the Basilica of Saint Mary also provided $1 million in support for the project.

“Minneapolis is committed to partnering with organizations that help the City grow, particularly, North Minneapolis while ensuring our residents have access to high quality, affordable housing options like this development.” said Tom Streitz, City of Minneapolis Director of Housing Development and Policy. “This project is a win for everyone and an example of the exciting transformation and rebuilding taking place in North Minneapolis.”

Other investments planned for the Penn and West Broadway Area include a $6 million expansion on the Capri Theater.  The expansion will include adding a green room and a black box performance space to the famous jazz theater.  At the northwest corner of Penn and West Broadway, former home to a Burger King, a $21 million mixed use building is being planned by Dean Rose.  Construction is set to begin in 2014.  The rest of the block bookended by the Capri and the 5 Points is ready for redevelopment as well.  The City issued a Request for Proposals in October for the land.

CommonBond Communities has many opportunities for you to get involved! From donations to volunteering, we welcome your help in fulfilling our mission.

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CommonBond Communities
Affordable Housing with Services

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St. Paul MN 55116
Phone: 651-291-1750
Fax: 651-291-1003

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