MINNEAPOLIS — Woda Cooper Cos. has broken ground on Shelby Commons, a 46-unit affordable community in the North Loop neighborhood of downtown Minneapolis. Amenities will include a community room, underground parking, a second-floor rooftop terrace, playground and community gardens. The property will also offer 2,000 square feet of public art across two large-scale exterior murals commissioned by Juxtaposition Arts. A timeline for the project’s completion was not provided.
Financing for the project from Low-Income Housing Tax Credits allocated by the Minnesota Housing Finance Agency and the City of Minneapolis. Merchants Capital is providing equity financing. Security Bank & Trust is providing a first mortgage, and Hennepin County Accelerator is providing a second soft mortgage. Huntington National Bank is the construction lender. CRW Architecture & Design Group and BKV Group are the project architects, and Greiner Construction is the general contractor. Woda Cooper affiliate Woda Management & Real Estate will manage and lease the property.