Location: Minneapolis, MN
Developer: Aeon, Hope Community (co-developer)
Partners: Hope Community, University of Minnesota Center for Sustainable Building Research, MSR Design, Weis Builders
South Quarter IV is the fourth and final phase of the redevelopment of an intersection in the Venture Village neighborhood of Minneapolis. The development includes The Rose, a 90-unit mixed-income building inspired by the Living Building Challenge, and the preservation of Pine Cliff, a 30-unit adjacent apartment building. Twelve units are reserved as supportive housing for homeless individuals and families. 68 units of affordable housing serve a range of income groups. The remaining 43 units are market-rate rentals.
The financing includes equity from low income housing tax credits, debt, a private capital campaign, state and local sources, and energy rebates. The developers packaged the financing of Pine Cliff’s preservation and the construction of The Rose to reduce redundancies. Due to the diverse funding sources, affordability restrictions vary. The restrictions end as early as 2020 for some units but last as long as 2054 for other units.
The project’s ultra-sustainable design encompasses materials, building systems, and ongoing operations with a focus on becoming self-sustaining. Each system provides the highest possible return on investment. A third-party evaluation estimates a payback period for the project of 11.4 years and a 72 percent reduction in energy use compared with building to code. A resident-focused sustainability program will offer education, engagement, and leadership around sustainable living practices.