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Friday, December 13, 2013

Mixed-use project on the Green Line receives funding, construction to begin in 2014

Hamline Station, a mixed-use development slated for a 1.6 acre parcel at University Avenue and Hamline Avenue, is one step closer to becoming a reality after recently receiving a $4.5 million funding award from the Minnesota Housing Finance Agency.
The currently vacant site is located on the north side of University Avenue between Hamline Station and Syndicate Street and is directly across from the light rail Green Line’s Hamline Station stop.

Hamline Station rendering

Project for Pride in Living, Inc. is the developer of the project which will include two buildings with a total of 13,700 sq. ft. of ground-level retail space and 108 affordable rental housing units (57 units in one building; 51 in another). Eight units are reserved for people who have experienced long-term homelessness. There will be a plaza in between the two buildings.

Retail, housing and a plaza are planned for the site
Total development cost is approximately $26 million. The city’s Housing and Redevelopment Authority has awarded HOME funding and tax increment financing for the project. Other funding partners include the Corridors of Opportunity, Family Housing Fund and Met Council. 
Project for Pride in Living is working on the finalizing financing to begin construction on the development in spring 2014.
Hamline Station is just one of many developments planned or underway along the light rail Green Line which will begin operating next year.

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