MINNEAPOLIS — Lupe Development and Wall Cos. have broken ground on a new affordable housing community in the Hiawatha neighborhood of Minneapolis. The four-story, 95-unit building will rise on the site of a former City of Minneapolis Public Works maintenance and storage facility. Named Snelling Yards, the development will feature generously sized units for families earning 30 to 80 percent of the area median income, with 13 units reserved for veterans experiencing homelessness. The building will share amenities with The Hillock, the neighboring, 100-unit active adult community managed by Ecumen. Completion of Snelling Yards is slated for fall 2026.
The project received funding from the city, Hennepin County and Minneapolis Public Housing Authority. Allianz Investment Management provided tax-exempt bond financing and a construction bridge loan. R4 Capital is the low-income housing tax credit investor.