Minneapolis, Nov. 30 — Yesterday Aeon, a nonprofit developer, owner and manager of affordable homes, closed on two acres of land in the City of Ramsey, which will become Greenway Terrace Apartments. The new 54-unit building, designed to serve large families, will mostly be made up of two-, three- and four-bedroom homes.
Ramsey is growing rapidly, but much of that growth is in single family homes that are out of reach for families earning low incomes. Nearly half of the mixed-income apartments will serve residents earning 30 percent of the area median income and the remainder will serve those earning 50 percent of the area median income.
“The City of Ramsey and Anoka County have been great partners on this development,” said Aeon Vice President of Housing Development Blake Hopkins. “We see this property helping to boost retail in Ramsey while providing high-quality homes for families in a great community.”
The new property is two blocks from the Ramsey Station of the Northstar Commuter Rail. Amenities at the property will include gardens, a playground and picnic area, a community room, a fitness center, office space and parking. The Draw, a park and amphitheater that is home to summer concerts and the Ramsey farmers market, is across the street from the property.
Partners on the development included Dougherty & Company LLC along with HUD, which provided the mortgage, Wells Fargo, which provided the equity and funding for construction, the City of Ramsey with help from the Metropolitan Council, Anoka County, and Minnesota Housing Finance Agency. Frana Companies, Inc. is the contractor and UrbanWorks Architecture LLC is the architect.
Construction of Greenway Terrace Apartments is underway, with a grand opening expected in late fall 2018. The nonprofit developer also hopes to compete a second phase of construction to add an additional 47 large units for families to the site.
Aeon is a responsive nonprofit developer, owner and manager of high-quality affordable apartments and townhomes which serve nearly 8,000 people annually in the Twin Cities area. For more than 30 years, Aeon has been committed to helping people create homes where they feel safe and connected to the community around them. We believe that Home changes everything. For more information, visit aeonmn.org or follow us on Twitter and Facebook.
Photo credit: UrbanWorks Architecture