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800 West Broadway

Developer: Sherman Associates

Type of Development: Workforce Training | Education | Healthcare | Commercial

Owner: 800 West Broadway LLC

Cty and State: Minneapolis, MN

Contact Person: Will Anderson

Phone: 612.604.0866

Contact Email: [email protected]

Allocation Amount Requested: $20,000,000

Brief Description of Development:

800 West Broadway is a highly visible and blighted structure in an economically struggling area of North Minneapolis. It is located in a census tract defined under the NMTC program as severely distressed- 52.2% of people in the census tract live in poverty. The median family income is $21,667 (26.77% of AMI). Sherman Associates recognizes the opportunity to bring a significant number of jobs, educational opportunities and vitality to the area through rehabilitating 800 West Broadway.

The existing 47,100 square foot structure will be rehabilitated into space for:

- North Minneapolis Workforce Center: Minnesota Department of Employment & Economic Development
-  Minneapolis Public Schools (in partnership with local colleges)
-  NorthPoint Health
- Commercial/retail space

This diverse group of users will provide significant and measurable benefits to the community. Because all of these users will be located in one building, the services of each will be leveraged to create the greatest impact for clients and the community. A client may seek education services from Minneapolis Public Schools, a job through the Workforce Center and health counseling services through NorthPoint. Local stakeholders recognize the merits of this project and are key participants in the project.

Sherman Associates and the development team have demonstrated the capacity to successfully construct and manage projects similar in scope. Sherman Associates has successfully completed 5+ NMTC projects in the past. Sherman Associates seeks to secure a NMTC allocation and move this important development forward.

But-For Statement:

This project requires NMTCs to move forward. The fact that this site has been vacant for 9+ years illustrates that the private market alone will not drive development on this site. It is located in an economically struggling area of North Minneapolis. Achievable commercial rents in this area do not support the conventional debt that would be required to rehabilitate the site to a usable state. Because of the site s location and the community benefit that this redevelopment will provide, NMTCs are an ideal source to fill the project s financing gap.


 

 

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