Beacon Interfaith Housing Collaborative recently started a $3.38 million renovation of a 100-year-old building in Stevens Square.
The nonprofit developer hopes to turn the aging apartment building at 1926 S. 3rd Ave., just south of downtown Minneapolis, into The Lonoke. The project includes 19 one-bedroom units of affordable housing with support services for homeless and those in need of permanent housing.
Minnetonka-based UnitedHealth Group is the project’s largest investor, providing $1.9 million in equity through Low Income Housing Tax Credits through a partnership with the Minnesota Equity Fund.
“The Lonoke renovation is the result of a fruitful collaboration with Westminster and Plymouth churches along with UnitedHealth Group and government funders who believe in the power of home to transform lives and communities,” said Lee Blons, Beacon’s executive director, in a statement. “We’re grateful that our funders trust Beacon’s capacity to continue to create well-managed, high-quality affordable housing that not only benefits individuals but serves as a stabilizing presence in neighborhoods.”
The Lonoke will have 10 apartments that will offer supportive services for people who have experienced long-term homelessness, and nine general-occupancy units for tenants earning 30 percent to 50 percent of area median income. Spectrum Community Mental Health and Simpson Housing will provide support services for residents.
The renovations include upgraded mechanical, electrical and plumbing systems, new kitchens and baths, common-area upgrades and improvements, new roofing and other exterior components.
Frerichs Construction is doing the renovations. CommonBond will provide property management services once construction is completed this fall.
The developer bought the building and a companion building, The Nokoma, in 2005. The latter has been renovated and its units have been sold as part of an affordable-housing cooperative.