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The Blueprint\n<\/p>\n
Initial phase includes a 73- or 86-unit building designed by Pope Design Group<\/a>. Less than a year after cutting the ribbon for its Wangstad Commons project in Brooklyn Center, JO Companies<\/a> is testing the waters for another affordable housing<\/a> development in the northwest Twin Cities.\n<\/p>\n The Brooklyn Park<\/a> Economic Development Authority recently reviewed the developer\u2019s concept plans for vacant sites at 7621 and 7601 Brooklyn Boulevard, which could eventually accommodate 160 or more apartments in multiple phases.<\/p>\n Located in the Village Creek<\/a> neighborhood, the \u201cWelcome Avenue sites\u201d include EDA-owned parcels of 1.71 and 2.07 acres at Brooklyn Boulevard and Western Avenue.\n<\/p>\n For now, JO Companies is focusing on the western parcel. For the \u201cwest building,\u201d the developer envisions either a four-story, $31.7 million, 73-unit building or a five-story, $36.7 million, 86-unit development, according to city documents.\n<\/p>\n The project, designed by Pope Design Group, would be affordable for households ranging from 50% to 70% of area median income.<\/p>\n City documents also reveal that the developer is seeking \u201cfree or reduced land price\u201d valued at $860,000, $1.1 million in tax increment financing<\/a>, an additional $2.1 million in gap financing, Low Income Housing Tax Credits<\/a> and \u201cadditional public funding.\u201d\n<\/p>\n Johnny Opara, president and CEO of JO Companies, said Monday that the project is in the early stages. But the idea, he said, is to deliver a \u201cvery beautiful, high-quality building\u201d that\u2019s affordable for people in the community.\n<\/p>\n \u201cAt the end of the day, we are really helping transform the narrative, the perception of affordable housing. Brooklyn Park is no different. We think that we have a huge opportunity to do something really impactful and really beautiful in Brooklyn Park,\u201d Opara said.\n<\/p>\n City documents note that the \u201cWelcome Avenue sites\u201d have been vacant for \u201cseveral years as the EDA has sought appropriate development opportunities that align with community needs and economic development goals.\u201d\n<\/p>\n For its part, the Village Creek neighborhood \u201cis characterized as a lower-income area where market-rate rents closely align with affordable housing rates.\u201d\n<\/p>\n Tim Gladhill, Brooklyn Park\u2019s community development director\/EDA executive director, said in an email that the EDA didn\u2019t take formal action on the concept plan at its Nov. 17 meeting.\n<\/p>\n \u201cThis was the developer\u2019s opportunity to introduce our EDA to their proposal,\u201d Gladhill said. \u201cThe EDA has not taken a position on this proposed development, but asked for some additional information on the financials to better understand the stated gap in financing. The developer will need to finalize the application and fees to have the financials reviewed by our financial adviser.\u201d\n<\/p>\n Gladhill added that the city is in the process of updating its \u201cplan and vision for the Brooklyn Boulevard Corridor,\u201d which includes a market study.\n<\/p>\n \u201cThis concept plan will likely be reviewed in the context of that plan update,\u201d he said.\n<\/p>\n JO Companies is no stranger to the northwest suburbs.\n<\/p>\n In December, the company celebrated<\/a> the grand opening of Wangstad Commons, a $23 million, 54-unit affordable apartment project at 61st Avenue and Brooklyn Boulevard in neighboring Brooklyn Center.\n<\/p>\n Wangstad Commons is about 90% occupied, said Opara, a Brooklyn Park resident.\n<\/p>\n Also doing well is JO Companies\u2019 first development, The Hollows, an $18.4 million, 62-unit workforce housing project at 520 Payne Ave. in St. Paul.\n<\/p>\n In addition, JO Companies is one of the housing development partners for The Heights<\/a>, a project that will create 1,000 homes at Larpenteur Avenue East and McKnight Road North on the East Side of St. Paul.\n<\/p>\n
\nDeveloper seeks TIF, gap financing, tax credits, and reduced land cost.
\nConcept plan under review as city updates its Brooklyn Boulevard<\/a> Corridor vision.<\/p>\n