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.
The building will include a mix of studio, one-bedroom and two-bedroom units and 52 parking spaces, according to plans submitted to the Planning Commission this summer. Amenities will include a green roof, solar panels, a fitness facility, a business center, community rooms, outdoor decks and a bike room with a repair station.
Lupe’s accelerating of the project comes after it received a $1.2 million grant from the Metropolitan Council and a $2.375 million loan from the City of Minneapolis’ Affordable Housing Trust Fund. Total development costs are estimated at $27.7 million, or $249,461 per unit, according to a worksheet from the city’s Community Planning & Economic Development Department.
Lupe Vice President and Chief Financial Officer Steve Minn said serving veterans is an extension of what the company does, noting its Snelling Yards redevelopment project that would include 251 affordable-housing units.
Tommy Johnson, community relations officer for Post 246, said having nine units to house veterans who are homeless is a step in the right direction.
“We couldn’t be more excited to be involved with this,” he said. “We’re fully supportive and very appreciative of Lupe Development.”
Post 246’s main service is connecting unconnected veterans, Johnson said, noting how it serves veterans of all ages. He said Lupe has housed homeless veterans in some of its other properties, praising the company for its past work.
“It’s a lot easier to work with someone when you know their track record,” he said.