Project Value: $132 Million
Overview / Details
Riverside Plaza represents the largest housing development project in the state of Minnesota and one of only two projects in the United States that were built as part of a HUD pilot program, “New Town, In Town.” Originally constructed between 1971-1973, Riverside Plaza consists of 1303 rental units. Sherman Associates acquired the property in 1988, at that time performing the first substantial rehab of the complex utilizing LIHTC and a HUD-insured mortgage as the primary sources of financing. In January of 2011, Sherman Associates closed on one of the largest tax credit rehabilitation projects in the nation’s history and began a $132 million, two-year refinance and renovation. In the process, Riverside Plaza was placed on the National Register of Historic Places less than 40 years after it was initially constructed. The historic designation was in part due to its renowned architect, Ralph Rapson. During the construction period, the building remained occupied, conducting a temporary relocation that is unmatched in size and complexity. The rehabilitation was completed in November 2012 and focused on substantial upgrades to the mechanical and electrical systems, along with exterior and site work that returned the Riverside Plaza complex to its original 1970s appearance. Today, Riverside Plaza is home to over 5,000 residents. The property is also home to a clinic, charter school, convenience store, a residential services center, and non-profit organizations.
Awards & Recognition
2012 Best In Real Estate – Multifamily Development or Redevelopment;
2017 MADACS – Property Excellence: Affordable