Aeon Opens New Affordable Housing Complex ‘The Louis’
Aeon, a nonprofit developer, owner and manager of affordable homes, is proud to celebrate the grand opening of The Louis. The new 70-unit affordable housing complex is in Minneapolis’ Prospect Park neighborhood.
The new property is in the Towerside District, a previously underdeveloped 370-acre section of Minneapolis east of the University of Minnesota East Bank campus. In 2014 Metro Transit’s Green Line light rail service debuted, connecting downtown Minneapolis and St. Paul along University Avenue. The light rail has spurred rapid residential development. However, much of that growth has been segmented to higher-end apartments and student housing.
Aeon celebrated the grand opening with a special community event at The Louis Sept. 17. Minneapolis Mayor Jacob Frey, Minneapolis City Council Member Cam Gordon, State Rep. Mohamud Noor, State Sen. Kari Dziedzic, Assistant Housing Commissioner James Lenhoff and Minneapolis Public Housing Authority Executive Director Tracey Scott all attended.
Construction began in the summer of 2018. The Louis provides homes for 200 people and directly addresses the shortage of affordable housing in the neighborhood.
Nearly a quarter of the apartments at The Louis serve residents earning 30 percent of the area median income, 10 homes offer project-based Section 8 vouchers, and seven homes serve formerly homeless single mothers and their children. In total 38 apartments serve individuals and families earning 50-60 percent of the area median income.
“We are proud to serve the Twin Cities area and residents by creating quality affordable homes,” said Aeon President and CEO Alan Arthur. “We’re grateful to the Prospect Park Association and all of our partners who helped move this project forward. Together we are strengthening the community.”
Amenities at the property include a courtyard, exercise room, computer lab and community room. The property is one block from the Prospect Park station of the Green Line, and a short ride from downtown Minneapolis and downtown St. Paul. Partners on the development included, Minnesota Housing Finance Agency, the City of Minneapolis, Hennepin County, U.S. Bancorp Community Development Corporation, which provided the equity and funding for construction, Metropolitan Council, Mississippi Watershed Management organization, Minneapolis Public Housing Authority, Kevin Filter, and Haven Housing, which provides support services for residents. Frana Companies, Inc. was the contractor and MSR was the architect.