MINNEAPOLIS — Aeon, a locally based affordable housing developer, owner and manager, along with contractor Kraus-Anderson, has broken ground on Exodus, a $24 million community that will include 72 studio units to support individuals experiencing homelessness or housing instability. The project consists of the redevelopment of and an addition to an existing eight-story building. Residents will be referred through Hennepin County’s behavioral health system and will be provided with comprehensive supportive services on-site by Touchstone Mental Health. Aeon is ground-leasing the site from St. Olaf Catholic Church, which owns the site.
Built in the 1950s, the building was originally designed to provide dorm-style housing for young professional women working downtown. Over time, it transitioned to providing temporary shelter for unhoused individuals downtown through Catholic Charities and Hennepin County before becoming vacant. Urbanworks Architecture led the design. Multiple public and private financial partners brought the project to life, including approximately $17 million in Low-Income Housing Tax Credit equity provided by R4 Capital. Rental subsidy on each of the 72 units will be provided by the Minneapolis Public Housing Authority, the U.S. Department of Housing and Urban Development and Hennepin County’s Housing Support program.