Schafer Richardson, in partnership with Seward Redesign and Noor Development, Begins Work on Seward Neighborhood Site for Transit-Oriented Multifamily Development Project in Minneapolis
Posted Under: News
It is with great pleasure to announce that Schafer Richardson, in partnership with Seward Redesign and Noor Development, has successfully closed on construction financing and has begun work on The Bessemer at Seward Commons. The project is located at 2200 Snelling Avenue and will include 128 housing units without income restrictions. This will be the first new construction, non-income restricted housing development in the Seward neighborhood in over 40 years.
The Bessemer at Seward will be highly transit-oriented as it is situated directly adjacent to the METRO Blue Line and Hiawatha Bike Trail, and is located one block from the Franklin Avenue Station. Building amenities will include a club room, fitness center, outdoor terrace, dog-run, controlled entry, 24/7 secure package system, bicycle storage and bicycle repair station, pet-wash station, and on-site management.
The Bessemer is part of a community-led, master planned redevelopment referred to as Seward Commons that will include four separate housing developments inclusive of over 260 rental units to accommodate broad income and socio economic diversity, as well as two small business incubators providing space for local business and arts organizations that reflect and serve the broader Seward neighborhood. The Bessemer is a result of a strategic partnership that reflects deep development and construction expertise, significant community engagement and investment and a diverse and skilled leadership team.
The project team includes: LHB as the architect, Greiner Construction as the general contractor, Steven Scott Management as the property management, and Catalyst Opportunity Funds and Schafer Richardson Opportunity Zone Fund as the equity partners. Funders for the project include: Merchants Bank, Hennepin County, Metropolitan Council, MN Department of Employment and Economic Development, and the City of Minneapolis.
About Schafer Richardson, Inc.
Schafer Richardson, founded in 1995, is an award winning commercial real estate development, investment, management, construction, and leasing company based in the North Loop of Minneapolis. Through its various partnerships and funds, Schafer Richardson has developed over 4 million square feet of residential and commercial space valued at over $750 million.
About Seward Redesign, Inc.
Redesign is a place-based nonprofit community development corporation dedicated to the Seward and Longfellow neighborhoods of South Minneapolis. Started as a grassroots initiative in 1969, Redesign has grown to offer a range of comprehensive services including community planning, housing and commercial real estate development, and small business technical assistance. Redesign envisions the neighborhoods where it works as healthy, diverse, and sustainable communities where all people have the opportunity to thrive.
About Noor Companies
Noor Companies (NŌR) is a minority woman owned for profit social enterprise General Contractor and Developer. Our work centered on delivering exceptional construction and development projects with a larger impact on building the future talent and the next generation of leaders in the construction industry. We collaborate with our customers public, private, and nonprofit entities to plan, engage, design, build and sustain vibrant environments for communities to live, work and pursue their dreams.