Aeon, Mayor Frey celebrate grand re-opening of three historic affordable properties
Minneapolis, April 26 — Today Aeon, a nonprofit developer, owner and manager of affordable homes, celebrated the grand re-opening of 116 renovated homes across three affordable properties serving formerly homeless and extremely low-income residents: the Lamoreaux, the Continental and the Coyle.
Aeon’s mission is to create and sustain quality affordable homes that strengthen lives and communities. Thanks to support from numerous funding partners, Aeon was able to improve the quality of these historic homes for residents while maintaining the affordability of each property.
“I’d like to thank all of the partners who made this renovation possible,” said Aeon President & CEO Alan Arthur at the event. “It’s evidence that Aeon can’t do this alone. It’s the community that makes quality, affordable homes a reality. Aeon is simply a tool for the community. We’re grateful to have so many partners who share in our belief that home changes everything.”
Minneapolis Mayor Jacob Frey also attended the event and shared a few words: “Minneapolis should aspire to be a city where everyone has access to affordable housing. Today marks an important step toward that vision with Aeon’s renovation of 116 apartment homes affordable for those at 30% and 50% of the area median income. This collaboration between the City and our community partners is a model for creating deeply affordable housing in neighborhoods across our city.”
Among the three properties, the most extensive renovations were made at the Lamoreaux and the Continental Hotel, where each apartment now has a private kitchen and bathroom. At the Coyle, kitchens were remodeled in the apartments. More than 150 residents across the three properties will get to enjoy upgraded community rooms with fresh paint, flooring, furniture and light fixtures.
Funding for these improvements was provided by the City of Minneapolis Community Planning & Economic Development, Enterprise, Enterprise Community Fund, Family Housing Fund, Federal Home Loan Bank – Des Moines, Hennepin County, Minnesota Housing Finance Agency, Preservation Alliance Minnesota (PAM) and Two Harbors Investment. The grand re-opening event was sponsored by Enterprise.
The Continental Hotel, built in 1910 and renovated by Aeon in 1992 has a storied history, documented by the Star Tribune. The Continental and the Lamoreaux—another historic rehabilitation Aeon completed in 1992—have been recognized with the Neighborhood Environment Award from the Minneapolis Committee on Urban Environment and the Adaptive Re-Use Award from the Minneapolis Heritage Preservation Commission.
Aeon is a responsive nonprofit developer, owner and manager of high-quality affordable apartments and townhomes which serve almost 8,000 people annually in the Twin Cities area. Since 1986, 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 aeon.org or follow us on Twitter and Facebook.