Ladder 260

Type: New Construction
Role: Developer, Owner, Manager
Building Space: 90 Affordable Units

Project Value: $34 Million
Financing: RBC, American National Bank, National Bank of Commerce, JLL, AFL-CIO HIT, Minnesota Housing, Met Council LHIA, TIF
Location: Minneapolis, MN
Year Completed


Ladder 260 stands on the site of the former Minneapolis Fire Station 1 that was built in 1909. In a public-private partnership, Sherman developed a new Minneapolis Fire Station 1 for the City of Minneapolis just steps away from its former site that opened in 2022 and is now adjacent to Ladder 260.

Ladder 260 delivers 90 units of affordable housing to the Mill District neighborhood of Minneapolis. The unit mix includes studio, 1-bedroom, and 2-bedroom apartments with 72 units at 60% AMI, 13 units at 50% AMI, and 5 units at 30% AMI. There are 18 units receiving project-based housing vouchers, with 5 of the units reserved for High Priority Homelessness.

Units include fully-equipped kitchens; ample natural light; LVT flooring in kitchens, bathrooms, and living rooms; in-unit washers and dryers; and patios on walk-up units.

A rooftop lounge and community room gives residents a high-quality amenity space with views of the Mill District. Other amenities include a hotel-like lobby and leasing center, fitness room, bike storage/parking and resident storage units.

Energy usage for Ladder 260 is partially offset by energy production from a solar garden located in Carver County.

Ladder 260 is part of Sherman Associates’ mixed-income, mixed-use development in Minneapolis. Ladder 260 is adjacent to O2, a market-rate development of 240 apartment homes and Minneapolis Fire Station 1.