Also involved are the Minneapolis Community Development Agency, the Minneapolis Public Housing Authority and the city.
The residential community being redeveloped on Minneapolis? Near Northside is a 145-acre-redevelopment that will ultimately consist of 900 units of new housing, including 440 rental units, 360 for-sale homes and 100 public housing units for seniors. Public improvements include a new north-south boulevard greenway, a transformed park at Sumner Field, upgraded athletic fields at Bethune Park and a redesigned Olson Memorial Highway and Lyndale Avenue North.
The first phase consists of 232 rental units, including 105 apartments for returning public housing families, 48 apartments for other lower-income families and 79 for tenants paying market-rate rents. The rental housing will be a mix of duplexes, garden apartments and townhouses with one to five bedrooms. The overall development is expected to be complete by 2008.
Over three decades, McCormack Baron has completed over 83 projects with development costs in excess of $1 billion. It has developed over 9,400 housing units and more than 1 million sf of commercial space.
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