Opportunity Crossing at 3030 Nicollet
Project Type: Multifamily
Name of Developer: Project for Pride in Living, Inc. (PPL)
Developer Point of Contact Name: Chris Dettling
Point of Contact Email: firstname.lastname@example.org
Contact Phone: 612-455-5216
Project Address: 3030 Nicollet Ave, Minneapolis, MN 55408
Number of Units: 110
Building Type: Apartment Building
Owner Type: Rental
Brief Description: The Wells Fargo bank branch at this location was seriously damaged during the May 2020 unrest following the murder of George Floyd and required its demolition. Wells Fargo selected Project for Pride in Living (PPL) to redevelop the site and create affordable housing and commercial spaces rooted in and with the surrounding community. As a BIPOC-led nonprofit developer, equitable development is a core value of PPL, which establishes that a development is undertaken in partnership with the community. The Cultural Wellness Center (CWC), a BIPOC-led, culturally based community engagement organization, lead an intensive community process to shape and inform the overall development vision. The project architect, Design by Melo, was selected for their expertise in multi-family housing as well as being a BIPOC- and woman-owned firm, notably Damaris Hollingsworth, the award-winning principal architect. The redevelopment of this parcel also represents a significant investment in this historically underserved community and will contribute to the transformation of the Lake and Nicollet intersection.
Opportunity Crossing at 3030 Nicollet will be a 6-story mixed-use community with 110 units over ground floor commercial at a transit and amenity rich location near Lake and Nicollet in Minneapolis. This $61MM development will set aside 12 units to serve households with a disability or who have experienced homelessness, earning 30% of the area median income or less. The remaining units will be affordable to households earning 50% of the area median income or less. The housing is designed to provide options for large families with 85 of the 110 units having two-, three- or four-bedrooms, representing 77% of the units.
The 14,400sf of ground floor commercial space will include a Wells Fargo branch, and four commercial condos that will be sold to local BIPOC entrepreneurs. The businesses include Afro Deli; Dominic’s Tax Service; Novadades Krystal, a quinceanera dress shop; and The HUB by Makee Company, which is a business incubator. These condos will be sold at a price that will create an opportunity for the business entrepreneurs to build wealth by owning their own space.
PPL had secured required capital funding sources to begin construction on the development in 2023, however, rising interest rates and construction costs have created a gap. PPL is seeking $2MM in deferred financing in order to start construction the first quarter of 2024.