As you may know, 2019 was a year of tremendous growth for CommonBond. Between 2019 and 2020, we will have been acquiring, rehabbing, and constructing more than 900 units of affordable housing. Many people wonder how we fund all of this development—the truth is that it takes numerous partners to make these deals work.
This is especially true of our Gateway Northeast project, a 128-unit multi-family project in a highly desirable location on the Mississippi Riverfront in Northeast Minneapolis. Redevelopment of this 1.16-acre site—located at the southeast corner of Lowry Avenue and Marshall Street—started in December and should end in February 2021.
From the outset, CommonBond’s acquisition and redevelopment of the Gateway Northeast project had strong support from the City of Minneapolis, Hennepin County, the Metropolitan Council, and others, but the uniqueness and high visibility of the project meant it was primed for potential private funders as well. When the Pohlad Family Foundation announced a 2019-2020 focus on housing affordability, we knew it was an opportunity we should pursue in order to make more affordable housing available for more people.
After a multi-step process with the Foundation, CommonBond learned in September that we would be receiving $500,000 in capital support for Gateway’s nine three-bedroom units for families who have experienced homelessness. This is all part of the Foundation’s broader efforts to prevent and end homelessness in the Twin Cities for youth and families, as well as CommonBond’s efforts to provide permanent housing and support services that promote resident stability. The funds for Gateway Northeast will be provided over two years.
The Pohlad Family Foundation has long been a CommonBond supporter. With a gift of $2.5 million, the Foundation was the top contributor to our capital campaign that ended in 2012. We are grateful to see our missions continue to align in the work to create stability and support families who have experienced homelessness.
