Wyngate Townhomes is a rental housing community designed for "workforce families with qualifying incomes," according to officials with Hartford Group. A total of 50-units will be constructed, separated into two buildings with underground parking stalls for each unit. The three- and four-bedroom townhouses are expected to be available for occupancy in spring of 2006, the company says.
The townhouses are part of Legacy Village, an ambitious mixed-used "new urbanism" development that comprises about 500 housing units, as well as retail and office buildings. Hartford says that the more than 2,000 neighboring customers should provide a strong based for its "Legacy Shops" retail component, as will the 20,000 cars that travel each day on the newly reconstructed County Road D. Legacy Village at Maplewood is located on 81 acres along County Road D on the north and Hazelwood Street just west of Maplewood Mall. The development also will offer two medical office buildings, playing off its proximity to St. John's Hospital.
Funding for Wyngate Townhomes came from four sources: low-income housing tax credit grants from the Minnesota Housing Finance Agency; fixed-rate mortgage funding from the Federal Department of Housing and Urban Development;, and additional loans from Minnesota Housing Finance Agency and the Family Housing Fund.
"Wyngate Townhomes is an example of numerous funding sources coming together to help develop a family-oriented affordable housing project," says Ali Brandt of the Hartford Group. Paramount Financial Group purchased the tax credits to sell to investors. Hartford Group is based in Eden Prairie, with offices in Burnsville and Fort Meyers, FL.
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