Aeon’s developments are award-winning, multi-million dollar investments in our community. As one of Minnesota’s largest developers of affordable housing, Aeon typically has eight to 12 projects in its development pipeline. Buildings are constructed with sustainability in mind in both suburban (Clover Field Marketplace) and urban areas (East Village and The Rose).
The Rose: Investing in Our Community
Through a partnership between Aeon and Hope Community, we recently completed a transformation of the intersection of Franklin and Portland Avenues. It now features nearly 300 high-quality, mixed-income apartments and townhomes, along with new community space. The Rose, an ultra-sustainable 90-unit building, is the fourth and final phase of this transformation in the South Quarter neighborhood. The Rose goes far beyond typical sustainability standards. With locally sourced building materials, non-toxic paints and finishes, recycled flooring, renewable energy systems and a large community garden, it’s one of the healthiest, greenest places to live in the U.S. Check out time-lapse footage of the construction process.
Refinancing Aeon’s Portfolio: Sustaining Community Assets
Aeon has refinanced several properties in its portfolio in order to complete a moderate to substantial rehabilitation at each site. Aeon is committed to ensuring that its developments remain affordable and offer quality places to live with a safe, secure environment. Preservation of existing properties, which are an integral part of the neighborhoods in which they are located, is often more cost effective than constructing new buildings.
Aeon creates high-quality affordable housing developments by:
- managing development from feasibility through post-construction
- building partnerships with the community to understand their needs and goals
- gaining public and political support from city councils and state agencies
- securing appropriate financing from public and private sources
- guiding architects, engineers, contractors and others to ensure that the finished developments are quality affordable homes
Preserving and Stabilizing Existing Housing
Aeon also performs total rehabilitations of existing buildings, such as the transformation of the former St. Barnabas Hospital. But, the Twin Cities area has many more outdated and poorly managed affordable apartment properties. These types of properties drain community resources and often end up falling to unnecessary demolition.
By renovating existing buildings and fixing design flaws to transform the property into a long-term community asset, Aeon offers an alternative to demolition. Pine Cliff Apartments, The Crest, and Sienna Green are examples of Aeon working with struggling properties to preserve existing affordable housing.