Aeon opens 172 new affordable homes in Bloomington
Aeon, a nonprofit developer, owner, and manager of affordable homes, announced the grand opening of 172 new affordable homes at Blooming Meadows North in Bloomington. The $54.3 million development is adjacent to the existing Blooming Meadows South property at 1930 E. 86th St.
The new buildings include three- and four-bedroom homes to serve larger families. Three quarters of the new apartments are affordable at or below 60% of the area median income, and one quarter are affordable at 70% of the area median income. Funds generated by the new development supported improvements to the Blooming Meadows South site.
The key financial partners in the Blooming Meadows North development are BMO Harris, Enterprise, Greystone, the State of Minnesota, and the City of Bloomington. UrbanWorks Architecture is the project architect. Frana Companies is the project contractor. Touchstone Mental Health is the service provider.
In its continuing effort to preserve affordable homes in the Twin Cities, Aeon purchased Blooming Meadows South in December 2019 with support from the City of Bloomington, the Housing and Redevelopment Authority of the City of Bloomington, the National Equity Fund and Morgan Stanley. Twin Cities Local Initiatives Support Corporation also provided leadership and funding commitments that are supporting improvements at Blooming Meadows South.
The 306 homes at Blooming Meadows South serve mixed-income residents, with more than half of the units affordable at or below 60 percent of the area median income and the remaining units affordable at or below 80 percent of the area median income. The Blooming Meadows complex sits on a nearly 18 acres site and features a playground, outdoor pool, a dog run, picnic area, as well as a fitness center and community room in each of the properties.
“We are thrilled to welcome more than 800 residents into the Aeon family at Blooming Meadows North, and we want to extend our gratitude to the city of Bloomington and our many valued partners that helped make these new homes possible,” said Alan Arthur, President and CEO of Aeon. “We can do more than just preserve affordable housing in the Twin Cities. With the commitment of public and private partners we can grow the supply to keep residents in their homes and children in their schools. This development is an excellent example of the best of our community coming together to provide a home for the families that need one.”
“This would not have been possible without our partnership with Aeon or before we established our $15-million affordable housing trust fund and the opportunity housing ordinance,” Mayor Tim Busse said. “We are glad to see the City’s commitment to affordable housing result in a tangible addition to our community so quickly.”
Aeon has developed and preserved more than 5,800 affordable apartment homes since its founding with a goal to keep rents affordable in the Twin Cities. Even so, there remains a vast shortage of affordable housing in the metro area, especially for larger families. Aeon’s original purchase and now expansion of Blooming Meadows helps provide needed affordable homes to families in our community.