Operating under the title Rice Street Partners, Phoenix Development Company of Minneapolis and nonprofit partner Community Housing Development Corporation are pleased to announce that they have closed financing and commenced construction on 41 units of affordable family housing in Saint Paul’s North End Neighborhood. The project, known as Rice Street Flats, carries a general price tag of $14 million, will consist of 20 three-bedroom, 12 two-bedroom and 9 one-bedroom apartments in a four-story building located at 800 Rice Street. The project will be built on a vacant site previously owned by the Saint Paul Housing and Redevelopment Authority between Lyton Place and Sycamore Street, a block west of Lyton Park. Rice Street Flats was designed by Minneapolis-based BKV Group and will be built by Vadnais Heights-based Frerichs Construction. Phoenix worked with Saint Paul’s Housing and Redevelopment Authority to secure HOME funds in addition to submitting successful applications for programs including HUD’s 221(d)(4) Ground-Up Multifamily Construction Financing and Low Income Housing Tax Credit funding with tax exempt bonds from MFHA and Colliers.
