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The HIT is providing $50 million in financing for the substantial rehabilitation of the historic Riverside Plaza apartment complex on the edge of downtown Minneapolis. The investment will modernize the 1,303 housing units at the aging landmark, including both exterior and interior work. The six-building complex consists of a cluster of towers ranging from four to 39 floors with over 30,000 square feet of commercial and community space. Ninety percent of the units are designated as affordable, with 669 of those units receiving Section 8 rental assistance.

Opened in 1973 and designed by the Modernist architect Ralph Rapson, Riverside Plaza was one of the first urban renewal projects to be completed as part of a federal campaign to integrate different socioeconomic groups into densely populated, self-sustaining communities.

Work on the project is expected to generate an estimated 635 union construction jobs.

Location:

Minneapolis, MN

HIT Investment:

$50 Million

Total Development Cost:

$123.2 Million

Units:

1,303

Affordable Units:

1,173

Union Jobs Created:

approximately 635

Video:

Riverside Plaza and Knutson Construction

Photo Gallery

Groundbreaking