CPED MULTIFAMILY HOUSING DEPARTMENT PROJ#: 577 Page 1 of 2 Affordable Housing Inventory Project Data Worksheet ACT#: 772 10/15/2020 1:31:48 PM Project Status Project Name: West Broadway Curve - West Building Proposed: 7/9/2015 Main Address: 1920 W Broadway Closed: Complete: Project West Broadway Curve Phase II PROJECT Aliases: Additional 1918, 1914, 1910, 1904, 1900, 1826, 1820, PHOTO ACP50 Addresses: 1818, 1808, 1800, 1726, 1720, 1716, 1714, No Ward: 5 Neighborhood: Jordan UNAVAILABLE Yes Income Restriction Occupancy UNIT QTY <30% <40% <50% <60% <70% <80% MKT Rental 0BR 0 0 0 0 0 0 0 0 Ownership 1BR 15 0 0 11 4 0 0 0 Project Type Development Unit Type 2BR 29 0 0 20 9 0 0 0 New Construction Apartment/Condo PBV/VASH: 3BR 48 0 0 9 19 0 20 0 Rehabilitation Townhome 4+BR 0 0 0 0 0 0 0 0 GRH: Preservation Coop TOT 92 0 0 40 32 0 20 0 Senior Shelter Shelter: Transitional Income Averaging Year Built: Scattered Site/Other Homeless:
GENERAL INFORMATION Sherman Associates Development, LLC is proposing a new construction project consisting of two components - a single 72-unit apartment building and 20 townhome units in four separate buildings. Both components will be constructed simultaneously. It was the original intent to have the townhomes financed privately, but financing and pricing constraints have forced the developer to combine these components into a single project. It is no longer the case that the townhomes will be financed separately with rents at market rate. The project is 100% affordable. The 72-unit apartment building will contain a mix of 1, 2, and 3 bedroom units at 50% AMI, 60% AMI. The building will contain both traditional apartment units and some row house-style walk up units to help diversify the site and put more eyes on the street. The apartment building will occupy, roughly 1808-1920 West Broadway Avenue. The 20-unit town home component will be comprised of four buildings containing five units each, all with 3- bedrooms. The town homes will occupy, roughly 1706-1804 West Broadway Avenue. Project and site amenities include underground parking, plus additional surface parking for visitors, an integrated transit stop, bicycle parking, public art, green space, a green gateway to Cottage Park, in-unit laundry and community gathering space. The project will feature attractive, sustainable building materials and will also feature.
The total development costs for the project are currently estimated at $31,898,682 or $346,725 per unit.
Partnership: West Broadway Limited Partnership Contact Information: Developer: Owner: Consultant: Chuck Burdick Chuck Burdick Sherman Associates, Inc. Sherman Associates, Inc. 233 Park Ave Suite 201 233 Park Ave Suite 201 Minneapolis, MN 55415- Minneapolis, MN 55415- Phone: (612) 332-3000 ext Phone: (612) 332-3000 ext- Fax: (612) 332-8119 Fax: (612) 332-8119 [email protected] [email protected] Contractor: Architect: Property Manager: Collin Kaas Sherman Associates, Inc. Kaas Wilson Architects Phone: (612) 604-0856 ext- 2104 4th Ave S Suite 310 Fax: (612) 332-8119 Minneapolis, MN 55404- Support Services: Phone: (612) 879-6000 ext- Fax: (612) 879-6666 [email protected]
CPED Coordinator: CPED Legal: CPED Construction Mgmt: Tiffany Glasper Dan Hammer Jim Edin CPED Phone: (612) 673-2473 ext- Phone: (612) 673-5275 ext- 105 5th Ave S Suite 200 Fax: (612) 673-5112 Fax: (612) 673-5207 Minneapolis, MN 55401- CPED Support Coordinator MPLS Civil Rights Phone: (612) 673-5221 ext- Susie Shepherd Leslie Woyee Fax: (612) 673-5259 Phone: (612) 673-5244 ext- Phone: (612) 673-2583 ext- [email protected] Fax: (612) 673-5259 Fax: (612) 673-2599 CPED MULTIFAMILY HOUSING DEPARTMENT PROJ#: 577 Page 2 of 2 Affordable Housing Inventory Project Data Worksheet ACT#: 772 10/15/2020 1:31:50 PM Project Status Project Name: West Broadway Curve - West Building Proposed: 7/9/2015 Main Address: 1920 W Broadway Closed: Complete: Project West Broadway Curve Phase II PROJECT Aliases: Additional 1918, 1914, 1910, 1904, 1900, 1826, 1820, PHOTO ACP50 Addresses: 1818, 1808, 1800, 1726, 1720, 1716, 1714, No Ward: 5 Neighborhood: Jordan UNAVAILABLE Yes Income Restriction Occupancy UNIT QTY <30% <40% <50% <60% <70% <80% MKT Rental 0BR 0 0 0 0 0 0 0 0 Ownership 1BR 15 0 0 11 4 0 0 0 Project Type Development Unit Type 2BR 29 0 0 20 9 0 0 0 New Construction Apartment/Condo PBV/VASH: 3BR 48 0 0 9 19 0 20 0 Rehabilitation Townhome 4+BR 0 0 0 0 0 0 0 0 GRH: Preservation Coop TOT 92 0 0 40 32 0 20 0 Senior Shelter Shelter: Transitional Income Averaging Year Built: Scattered Site/Other Homeless:
USES AND PERMANENT SOURCES Project Uses: Project Permanent Sources: Source / Program Amount % Term Committed Land: $500,000.00 11/6/2015 Construction: $22,700,922.00 LIHTC 4% - $1,040,773 (2021) Construction Contingency: $1,318,083.00 Hennepin County $155,654.00 6/1/2018 ERF Construction Interest: $925,000.00 Met Council $206,300.00 6/18/2018 TBRA Relocation: $0.00 Hennepin County $400,000.00 5/8/2018 Developer Fee: $2,784,515.00 TOD Legal Fees: $175,000.00 $17,070,000.00 5/1/2020 Architect Fees: $590,000.00 1st Mortgage (Lender TBD) Other Costs: $2,159,467.00 Cedar Rapids Bank and Trust (CRBT) $1,516,000.00 Reserves: $745,695.00 Tax Increment Financing (TIF) $8,949,753.00 Non-Housing: $0.00 Syndication Proceeds
TDC: $31,898,682.00 CPED $650,000.00 10/5/2018 TDC/Unit: $346,726.00 AHTF (2018) (Contingency)
Financing Notes: Met Council $780,000.00 11/20/2017 Project financing package will include LCDA approximately $1 million in TIF and $15 million in HRBs $820,975.00 6/1/2018 Deferred Dev Fee
CPED $1,350,000.00 11/6/2015 AHTF (2015) (Levy)
TDC: $31,898,682.00