Sherman Associates has revitalized a city block in downtown Minneapolis with affordable and market-rate housing.
The local development firm unveiled Ladder 260, which provides 90 affordable homes, and O2 Luxury Tower, which features 240 market-rate apartments, in the Mill District neighborhood.
The housing follows the construction of a new Minneapolis Fire Station 1, completed by Sherman in 2022. The station is approximately 19,500 square feet and consists of an apparatus bay to house fire trucks and a connected two-story structure providing office space, sleep areas, common areas, locker rooms, and a rooftop patio.
“We believe that healthy neighborhoods are built on diversity of both people and uses, and it takes a determined, collaborative effort from public and private partners to bring these communities to life,” said George Sherman, CEO of Sherman Associates. “We are grateful for our partnership with the city of Minneapolis, and its commitment to creating more housing where it is needed. We look forward to doing more projects that follow this successful model.”
The $161 million multi-phase redevelopment is on an approximately 1.75-acre site, which consisted of a surface parking lot and the former Fire Station 1 that was built in 1909. Sherman and the city collaborated to develop a new and larger station to serve the growing neighborhood and optimize the layout of the city block for Ladder 260 and O2.
The firm secured tax increment financing for Ladder 260 that utilized a special allocation from O2, the market-rate development.
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