Development Remains Strong at Schafer Richardson

Although 2020 was largely influenced by the COVID-19 pandemic, Schafer Richardson’s development team was resilient, and their work remained strong and steady. As our company moves into 2021, we are optimistic for continued growth throughout the next year and thereafter.

In reflecting on this past year, here are some of the development team’s major highlights:

• Engaged in over $218 million in active mixed-use and multifamily development. This includes six projects consisting of 842 apartment units and over 25,000 square feet of commercial space.
• Managed development uncertainties related to COVID-19 including labor health and safety, supply chain delays, and financing challenges.
• Developed three fully affordable housing projects utilizing tax credit and bond financing. One of which, The Redwell, opened in September 2020 and reached full occupancy by the end of the year.
• Closed on two projects that utilized Opportunity Zone financing, both with Schafer Richardson managed funds and outside investment partners. Nova SP, a mixed-use affordable project in St. Paul was the first low-income housing tax credit and opportunity zone project to close in the state of Minnesota.
• Attracted two social impact investment funds to finance our real estate work.
• Promoted green building and sustainable design to implement features in our projects that reduce overall energy use and promote green living including pursuit of LEED and Enterprise Green Communities certification.

2021 is off to a strong start and the development team is determined to ensure that our current projects remain on schedule for completion and that our pipeline continues to grow in order for us to expand our geographical reach and further diversify our development portfolio.