Schafer Richardson Breaks Ground on 163-units of Affordable Housing
Posted Under: News
We are proud to announce the groundbreaking of Peregrine, 163-units of affordable housing in Minneapolis’ Hawthorne neighborhood.
The site, previously home to a single-story commercial building and a surface parking lot, is located along the Mississippi River at the corner of West Broadway Avenue and West River Road North. Peregrine will be a new-construction seven-story multifamily housing building with enclosed parking, residential amenities, and on-site management. Peregrine will provide one, two, three and four-bedroom apartment units, attracting both individuals and families, with income restrictions for households earning at or below 30% to 80% of the Area Median Income. Additionally, the development has secured 34 project-based vouchers through a partnership with the Minneapolis Public Housing Authority. Peregrine, which is in one of Minneapolis’ Green Zones, is pursuing LEED green building certification through the U.S. Green Building Council and will provide sustainable and energy-efficient living to its residents.
Speakers at the ceremonial groundbreaking event included Steve Norcutt, President of Schafer Richardson; Katie Anthony, Vice President of Development at Schafer Richardson; Claire VanderEyk, Development Manager at Schafer Richardson; Jacob Frey, Mayor of Minneapolis; Jeremiah Ellison, Minneapolis Councilmember representing Ward 5; and Darrel German, Regional President of Minnesota, Huntington National Bank.
“I want to thank all the people who have invested their hard work, time, and dedication into Peregrine. With your help, this dream has become a reality for the Northside,” said Councilmember Jeremiah Ellison.
“Housing is a right, and affordable housing is a top priority for our city,” said Mayor Jacob Frey. “Peregrine is an extraordinary example of not only providing much needed affordable housing but providing it in an excellent location, enhancing our work to make the riverfront more inviting, active, and accessible for everyone. This will be lifechanging for Minneapolis families.”
Peregrine will be the newest addition to Schafer Richardson’s growing portfolio of affordable housing in the Twin Cities marketplace underscoring a continued commitment to providing quality housing at a variety of price points.
“Housing is one of the most basic needs, and Huntington is committed to efforts that provide affordable housing options for families in our communities,” said Darrel German, Regional President of Minnesota, Huntington National Bank. “With Huntington’s $22.4 million equity investment in this development, we are proud to collaborate with Schafer Richardson and all the other partners to bring the Peregrine Apartments to Minneapolis,”
Construction began in January, and the project will open to residents in Summer 2023.
Schafer Richardson would like to thank our project partners including but not limited to; Huntington National Bank, Collier’s Mortgage, the AFL-CIO, Fannie Mae, Bridgewater Bank, the City of Minneapolis, Hennepin County, the Minneapolis Public Housing Authority, the Metropolitan Council, Winthrop & Weinstine, First American Title, UrbanWorks Architecture, Greiner Construction, BKBM Engineers, Damon Farber Landscape Architects, Stantec, Schafer Richardson Property Management, Steven Scott Management, Jim Kruizenga, Peter Brodd, the Hawthorne Neighborhood Council, Councilmember Jeremiah Ellison, and Mayor Jacob Frey.