Earlier this year, we reported that MyHomeSource, a subsidiary of Minneapolis-based Alatus, was about to break ground on the first phase of a redevelopment project in north Minneapolis called Parkside at Humboldt Greenway, reviving work that stalled just after the housing crash.
Since starting construction in late spring, MyHomeSource and its development partner, the Greater Metropolitan Housing Corporation (GMHC), say demand has been stronger than expected. They now want to build more houses than planned.
The team aims to increase the number of single-family houses from 52 to 65, in part by replacing 11 planned townhouses with single-family homes in three phases. In a letter to the city’s department of regulatory services, the developer said that based on current market conditions, it would build single-family houses in place of the townhouses and two outlots, including one that had been reserved for public art.
Here’s a little background: After a somewhat contentious series of meetings with neighborhood groups about what kinds of housing should be built, a request for proposals was issued. In September 2015 the city approved the sale of the 95 properties, most of which had been through foreclosure and tax forfeiture, to MyHomeSource and GMHC.
By early June, two spec houses were completed and an additional four homes were under construction, all of which had buyers.
MyHomeSource and GMHC proposed revising the construction schedule by pushing the completion of site acquisition out one year and the completion of construction another two years because of issues related to an existing condominium association tied to earlier phases of the development.
That delayed the developers’ ability to accept purchase agreements until late April.
The development marks a turning point for north Minneapolis, which hadn’t seen any significant new housing built without public subsidy since the housing crash. Those first six houses in Parkside, which is in the northwest corner of the city, each have about 1,800 square feet with at least three bedrooms, two and one-half bathrooms and a detached two-car garage. The houses are priced about $300,000 and up and feature 9-foot ceilings, wood floors and touches like granite counters and stainless steel appliances.