NONPROFIT DEVELOPER KICKS OFF HOUSING RENEWAL IN NEAR NORTH

(MINNEAPOLIS, Mn. -- June 16, 2022) Nonprofit developer Trellis Co. has completed construction of 92 units of housing on Olson Memorial Highway and Humboldt Avenue North.    

The $32-million project provides a one-for-one replacement of 92 aging townhomes that have stood on the site for decades and are slated for demolition. Residents moved out of the townhomes into the newly completed structure in May.   

As part of the project, Trellis negotiated the transfer of the Olson Towne Homes project-based Section 8 contract to the new building, allowing all residents to continue paying 30 percent of their income in rent. 

The new structure, called Olson Park, consists of 29 1-bedroom units, 31 2-bedroom units, 18 3-bedroom units, and 4 4-bedroom units. It also includes multiple laundry facilities, a fitness room, community rooms, a children’s play structure, underground parking, and a planned community garden. It was designed by LHB and constructed by Frana Companies.   

The townhomes slated for demolition were built in 1956 and have required significant infusions of public dollars to mitigate structural and water issues. The townhomes sit on the Bassett Creek floodplain and were constructed without the benefit of techniques now used to manage shifting and unstable soils.    

Trellis Co. President and CEO Elizabeth Flannery says Olson Park was a complex project that achieved several important outcomes.    

“It’s a really innovative preservation project in that we were able to preserve the deep affordability offered by the townhomes by refinancing and transferring an existing Section 8 contract,” Flannery says. “At the same time, we created brand new apartments and have plans to add a variety of additional housing options in the coming years.”   

The completion of Olson Park is the first phase of a series of investments that will be made on the 7.4-acre site. Trellis will begin construction of the mixed-income Olson Court in 2023 and will also undertake a full rehabilitation of its adjacent 134-unit Park Plaza property.    

Minneapolis Mayor Jacob Frey says that it’s “essential” that the city focus on deeply affordable units. “Olson Park is an important and innovative solution to preserving and drastically improving 92 units of essential housing in the City of Minneapolis,” Frey says. “We are thrilled to be a partner in this first phase of a 7.4-acre redevelopment initiative.”   

Funding for the Olson Park project came from the City of Minneapolis, federal tax credits, Hennepin County, Minnesota Housing, and other sources.