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Riverview
Development Proposals - Matrix
(Updated October 12,
2007)
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Public
Presentation of Proposals
Thursday, October 11, 2007
6:30 – 9:00 pm
Keewaydin Community Center
3000 - 53rd Street East
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The
following information was culled from the three
proposals and added to information supplied
by CPED for presentation here. The developers
are listed in
order of presentation at the October 11 Public
Meeting. The complete proposals may be viewed in
the NENA office. Please call 612-724-5652
for availability and time.
| Proposal / Focus |
Type of Entity |
Total
Dev Cost |
Land
Offer Amount* |
Public Assistance (PA) Needed |
PA
Amount |
#
Units & Sq.
Ft. |
Affordability** |
Parking |
|
"Deep
Roots, New Branches Initiative"
•Plymouth Church Neighborhood Foundation
•Common Bond Communities
•Twin Cities Habitat for Humanity
Focus: Affordable, senior-oriented independent-living apartments, 4 Habitat "Sweat
Equity" rowhouses. |
Non-profit Limited Liability Corporation |
$9,243,385 |
$879,656 |
CPED:
•Tax Increment Financing (TIF)
•Affordable Housing Trust Funds (AHTF)
•Affordable Ownership Housing Program (AOHP)
•HUD 202
•Hennepin County - Affordable Housing Incentive Fund (AHIF)
•MHFA - Community Revitalization Program (CRV) |
$631,197
$800,000
$140,000
$5,159,742
$500,000
$99,586 |
50 total units
42 Apartments:
35, 1-BR @ 579 sq'
3, 1-BR @ 607 sq'
4, 1-BR @ 766 sq'
8 Townhomes:
8, 3-BR @ 1504 sq' |
•Apartments
at <50% AMI (seniors-oriented rental)
•4 market rate rowhouses are <115% AMI (owned)
•4 Habitat for Humanity rowhouses are <50% AMI (owned)
(AMI
values corrected 10/8)
|
54 vehicles
•Underground parking for 42 vehicles
•Surface parking for 12 vehicles |
| |
"Riverview
Park"
•PJM Developments, LLC***
•TimberCraft Enterprises, Inc.
•Eldercare of Mn
Focus: 20 assisted-living apartments for severely disabled veterans (DV)
directly across from VAMC property. |
Limited
Liability Corp, For-profit Corp., and Non-profit |
$14,481,000 |
$1,000,000 |
•HUD
232 (Mortgage Insurance for Nursing Homes, Intermediate Care, Board & Care
and Assisted-living Facilities)
•HUD
181 Program |
$2,600,000 |
64 total units
20 DV Apartments:
10, Studio @ 324 sq'
10, 1-BR @ 648 sq'
36 Condos:
6, 1-BR @ 900 sq'
15, 2-BR @ ~1050 sq'
15, 2+-BR @ 1450 sq'
8 Rowhouses:
4, 2-BR @ 1500 sq'
4, 3-BR @ 1800 sq' |
•DV rental units at <30%
AMI
•Condos & Rowhouses are Market Rate (owned) |
100 vehicles
•Underground parking for 72 vehicles
•Surface for 28 vehicles |
| |
"Riverview
Senior Housing" & "Riverview
Rowhouses"
•Shelter Corporation
Focus: Affordable, senior-oriented apartments as a stepping-stone to new
assisted-living facility at E. 38th St and 23rd Ave. S. |
For-profit Corporation |
$8,721,572 |
$1 |
•Low Income Housing
Tax Credits (LIHTC)
•Tax Increment Financing (TIF) |
$5,981,652 |
53 total units
39 Apartments:
14, 1-BR @ 750 sq'
25, 2-BR @ 1050 sq'
14 Rowhouses:
14, 3-BR @ 1250 sq' |
•Apartments at <60%
AMI (seniors-oriented rental)
•Rowhouses are 60% AMI (rental) |
90 vehicles
•Underground parking for 67 vehicles
•Surface for 23 vehicles |
* To purchase approximately 75,000 Square feet of MnDOT property.
** AMI or Area
Median Income, as determined by HUD, for a family
of four. The current AMI
is approximately $74,000.
*** PJM
Developments is a Limited Liability Corporation formed
by Peter J. Murlowski, owner of Timbercraft
Enterprises, Inc.
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