Six development projects on transit corridors get Hennepin County loans

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.

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