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BMO Harris Bank (Honorable Mention), Chicago, IL

Entry Year: 2018
Entry Category: Affordable Housing
Asset Size: Large
Program Name: 2700 University

Program Summary:

In 2015, the BMO Harris Bank Community Investments Group provided direct, third-party cash equity to developer Flaherty & Collins for construction of a new mixed-income apartment community in St. Paul, Minnesota.

Known as 2700 University, the property is located at 2700 W. University Avenue on the Central Corridor Light Rail Transit line. The building, which opened for lease-up in 2017, is comprised of 248 apartment units, of which 198 are leased to market-rate tenants and 50 that are dedicated to low-income families through the Low Income Housing Tax Credit (LIHTC) program. The unit mix is 60 studio units, 135 one-bedroom units and 53 two-bedroom. Laundry facilities are in each unit and common areas include community space, fitness rooms, an internal courtyard, and an outdoor pool with grills and seating areas. The complex has two levels of underground parking and 3,773 SF of retail space on the first floor. The first floor of retail space consists of state of the art fitness center, a tanning salon, a cyber café with coffee service, a business center, a game and leisure room, and a leasing office.

2700 University sits directly in front of the Westgate Station for the newly-built Green Line light rail which runs from downtown Minneapolis to downtown St. Paul. The retail/residential mixed-use building now offers nearby students of University of Minneapolis and other residents affordable housing with access to work, shopping, dining, schools and entertainment.