Minneapolis, Minn (released September 25, 2024) The co-developers of the highly anticipated North Loop affordable housing community, Shelby Commons, hosted a ribbon-cutting celebration today to highlight the new housing community that offers 46 new affordable rental homes for families and individuals in Minneapolis’ North Loop neighborhood. The event hosted by Project for Pride in Living (PPL) and Woda Cooper Companies, Inc. (Woda Cooper), included tours, remarks, and a reception in the property’s community room.
“We couldn’t be prouder to have partnered with Woda Cooper in bringing this impactful development to life,” said PPL President and CEO Paul Williams. “The families and individuals who come to reside in Shelby Commons will get to enjoy stable, affordable housing in the vibrant North Loop and continue to contribute to this dynamic neighborhood for many years to come. Shelby Commons embodies our vision of building safe, resilient, and equitable communities.”
Resources combined to address housing
The City of Minneapolis and the Minnesota Housing each awarded Shelby Commons with Low-Income Housing Tax Credits (LIHTCs) to support primary financing. All of the units at Shelby Commons are affordable for households earning 30% to 80% area median income.
Shelby Commons is Woda Cooper’s first development in Minnesota and offers a good example of how public resources, nonprofit organizations, and private companies can collaborate to address the housing crisis and its impacts in Minneapolis. “Shelby Commons is the culmination of a cooperative, collaborative effort to create housing that addresses important housing needs for Minneapolis’ North Loop neighborhood. It reflects local insights offered by our partner, PPL, along with valuable input and support from Minnesota Housing, the City of Minneapolis, Hennepin County, and the Minneapolis Public Housing Authority,” said David Cooper, Jr., President of Woda Cooper Companies. “We also greatly appreciate the financial support from our investor Merchants Capital and our private lenders Security Bank & Trust and Huntington National Bank.”
Minneapolis Mayor Jacob Frey congratulated the partners who were instrumental in the development of Shelby Commons. “The completion of Shelby Commons is a big win for Minneapolis and an even bigger win for affordable housing,” said Mayor Frey. “Every neighborhood in our city must be accessible to all residents, regardless of income—and this new development helps make that happen. Thank you to Project for Pride in Living, Woda Cooper Companies, MPHA, and our local and state partners for completing another incredible housing project we can all be proud of.”
Housing and with added amenities to enhance lifestyle
Shelby Commons provides 1-, 2-, and 3-bedroom apartments with energy efficient kitchens, a community room, central laundry, and outdoor spaces including a rooftop terrace, playground, and community gardens for residents. Underground parking is also available onsite.
The four-story contemporary-styled building features a corrugated metal façade with brick accents. It will be highlighted by two large murals now underway by celebrated local mural artist Jordan Hamilton in association with Juxtaposition Arts. The artwork symbolizes the neighborhood’s history and culture.
Twelve units are dedicated for people experiencing housing insecurity with rental assistance from the Minneapolis Public Housing Authority. Five additional units offer rental assistance provided by Hennepin County who also provided other support including a soft loan.
PPL will provide optional supportive services for residents in the twelve units reserved for residents who have faced housing insecurity and need assistance. These services include items such as skill building around budgeting, housekeeping, and managing relationships with a variety of professionals. Additionally, PPL will make referrals to community services, health care providers, employment services, and education resources for these individuals.
“Minnesota Housing is grateful to our partners, Project for Pride in Living and Woda Cooper Companies, Inc., for bringing 46 new homes to life in the North Loop,” said James Lehnhoff, Assistant Commissioner, Multifamily Division, Minnesota Housing. “Shelby Commons is a great example of the mix of rental opportunities needed to meet residents’ needs in terms of unit size, affordability and access to neighborhood amenities.”
Financing partners tout community
Affordable housing investor Merchants Capital purchased the LIHTCs in exchange for equity financing. “We are proud to partner once again with Woda Cooper Companies to provide more expansive support for individuals in need of affordable housing and those facing homelessness in the Minneapolis area,” said Josh Reed, EVP LIHTC Acquisitions at Merchants Capital. “Shelby Commons, co-developed by Woda Cooper Companies and Project for Pride in Living, brings Merchants Capital an opportunity to deepen our partnerships and commitment to affordable and supportive housing solutions nationwide.”
A permanent first mortgage was provided by Security Bank and Trust. “Security Bank and Trust Company is proud to serve as the permanent financing lender for the Shelby Commons development,” said Brian Kissell, Security Bank and Trust’s Chief Executive Officer. “We greatly appreciate our partnership with Woda Cooper Companies and are excited to see this development open and provide much needed affordable housing in Minnesota.”
A construction loan was provided by Huntington National Bank. “At Huntington, we know that quality, affordable housing is out of reach for far too many families in the Twin Cities, and we’re honored to have worked with Woda Cooper to make this development a reality,”said Michael Maeser, Minnesota Regional President for Huntington National Bank. “Shelby Commons brings 46 units of affordable housing to the North Loop – one of the fastest-growing neighborhoods in the Twin Cities – giving dozens of families an opportunity to build their lives in this vibrant community.”
Architect for Shelby Commons was CRW Architecture & Design Group with BKV Group. General contractor was Minneapolis-based Greiner Construction, and the property is leased and managed by Woda Cooper affiliate, Woda Management & Real Estate. For more information, contact info@wodagroup.com or call 952-256-5143.
Murals on the Shelby Commons exterior are being completed by Minneapolis mural artist Jordan Hamilton, in association with Juxtaposition Arts. The artwork symbolizes the neighborhood’s history and culture.
About Woda Cooper Companies, Inc.
Woda Cooper Companies, Inc. and its affiliates specialize in the development, design, construction, and management of high-quality affordable multi-family communities, senior communities, and single-family homes. The company was founded in 1990 and now has operations in 17 states, with a portfolio of approximately 330 communities and 16,000 units. Affordable Housing Finance magazine ranked Woda Cooper Companies 8th in nation among Developers and 22nd among Owners in 2023. https://www.wodagroup.com
About Project for Pride in Living
PPL builds the hope, assets, and self-reliance of individuals and families who have lower incomes by providing transformative affordable housing and career readiness services. PPL provides high-quality affordable housing, on-site resident services, and life-changing career readiness programs to over 8,000 people annually throughout the seven-county metro area. https://www.ppl-inc.org/
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