Greenway Heights stands out amidst a sea of residential construction for its affordability and style. Co-Developed by Phoenix Development & PRG, Greenway Heights is the product of years of community planning efforts by the East Phillips Improvement Coalition (EPIC). EPIC saw the need for affordable larger family units in the neighborhood where rents were increasing and living conditions were not always ideal for renters.
“When every day, you're seeing a new high-end luxury building break ground, seeing a stylish, affordable family housing project on one of the city's biggest amenities – the Midtown Greenway – is gratifying,” said Kathy Wetzel-Mastel, executive director of non-profit co-developer PRG.
"Greenway Heights is a great example of community persistence and perseverance. It's the right project at the right place," said Loren Brueggemann, principal of Phoenix Development Company. "Phoenix developed both this affordable project and a market rate project on the Greenway. The opportunity to create housing for everyone be a part of this great City amenity – no matter their income – is especially satisfying," said Brueggemann.
Brueggemann, with years of experience specializing in multi-family and affordable housing, was brought in to help obtain and coordinate the sources necessary to bring EPIC's vision for affordable family housing to life. “The biggest challenge of any affordable housing project is funding,” said Wetzel-Mastel. “With 11 sources, it's like putting a puzzle together. We’re grateful for the funders support.”
Demand for units in the building was strong. “We had people calling for a year, before the building was even open,” said Pam Schmidt-Cree of Premier Housing Management, which manages Greenway Heights. “We closed the interest list when we reached 300.”
Sources of funding for Greenway Heights:
- The City of Minneapolis
- City Real Estate Advisors
- Dougherty & Company LLC
- East Phillips Improvement Coalition (EPIC)
- Family Housing Fund
- Hennepin County
- Greater Metropolitan Housing Corporation (GMHC)
- Local Initiatives Support Corporation (LISC)
- The Metropolitan Council
- Minnesota Housing Finance Agency (MHFA)
- US Bank