Hennepin County commissioners approved more than $2 million in loans for six development projects along transit corridors.
The board members, meeting as the Hennepin County Housing and Redevelopment Authority, approved loans Tuesday for Transit-Oriented Development funding for four projects in Minneapolis, one in Richfield and one in Hopkins.
The program is for multi-jurisdictional housing and redevelopment along transit corridors in the county.
The loans and project descriptions are:
- A $1 million loan to The Cornerstone Group for a project to redevelop the Prospect Park Station/Boeser site in Minneapolis into 250 units of mixed-income housing. This project also has been awarded a $275,000 Challenge Grant Award — a set-aside from 2011 TOD funding.
- A $565,000 loan to Hobbs, McNellis and Swenson for The Mendoza in Minneapolis — a project that will create 63 units of housing and 10,800 square feet of commercial space on an underutilized site near the Interchange.
- A $400,000 Challenge Grant Award for the 8th Avenue Corridor Project — a shared public parking facility to support downtown Hopkins and transit-oriented development along the corridor, which connects downtown Hopkins with a future Southwest LRT station.
- A $335,000 loan to Lyndale Station, LLC, for Lyndale Station in Richfield – a project that will create 73,500 square feet of commercial space, a plaza and other amenities at 66th Street and Lyndale Avenue.
- A $100,000 loan and a $300,000 grant to Second Street Holdings, LLC, for a project at 520 Second St. S.E. in Minneapolis that creates 91 units of affordable housing.
- Extension of a contract that includes $400,000 in funding for a project by Emerge Community Development to renovate the historic North Branch Library in North Minneapolis into a Community Technology Center.