$65 million renovation of iconic Riverside Plaza is complete

Oct 22, 2012 | Posted by: roboblogger | Full story: Insight News

The $65 million renovation of 1,303 affordable housing units at the iconic Riverside Plaza is now complete.

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DSM Local

Ankeny, IA

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#1
Oct 23, 2012
 
Mary Richards, star of The Mary Tyler Moore Show, lived there so this waste of goverment funds is okay after all. It makes perfect sense! On a side vote I voted Romney today. I did not vote for a single leftist.
AntiMelting

New Richmond, WI

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#2
Nov 1, 2012
 

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Thank goodness, now I can sleep better tonight.
Amused Slew

Seattle, WA

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#3
Nov 1, 2012
 
"Renovation includes rehab of 1,303 affordable housing units; a new Safety Center; energy reductions; pedestrian, bicycle and streetscape improvements; community school expansion; 200 construction jobs; a healthier living environment"

The renovation project also included:

$7 million in improvements to the site and common areas.

The two-year construction period provided 200 construction jobs, 90 of which were reserved for Minneapolis residents with an emphasis on hiring Riverside Plaza residents and residents of the Cedar Riverside neighborhood. During the peak of the renovation, over 70 Riverside Plaza residents and 105 Minneapolis residents were working at the site.

Public safety improvements through investing in security, lighting, sidewalks, signage, way-finding and the opening of the new Cedar Riverside Safety Center at Riverside Plaza.

The reduction in energy consumption at Riverside Plaza by 25%-30%.

Improvements to the pedestrian and bicycle environments and streetscapes.

Expansion and renovation of the 20-year-old K-8 Cedar Riverside Community School, located inside Riverside Plaza, allowing for an increase in enrollment at the school from 120 students to 180 students and 40 faculty members.

"Riverside Plaza is a Minneapolis icon, and this renovation is not only a significant benefit for residents, it restores a landmark to its full glory for all of us," said Mayor R.T. Rybak. "With the completion of this important project along with the remake of Riverside Avenue, critical investments in hospitals and institutions of higher learning, the ongoing vibrancy of this diverse community, and the arrival of the Green Line light rail the West Bank is rapidly becoming the most dynamic neighborhood in Minnesota."

"Riverside Plaza represents our commitment to providing quality affordable housing and building strong communities," said George Sherman, President/Owner of Sherman Associates, Inc. "Through our 35 years of experience in financing and redevelopment, we were able to accomplish one of the most significant historic rehabilitations in the country."

The $65 million renovation is part of a $134 million refinance package. Approximately 88% of the project cost is financed with private funds. Public financing of the project includes $1.9 million, approved by the Minneapolis City Council in November 2010, and funding from the Minnesota Housing Finance Agency, Metropolitan Council, Hennepin County and Family Housing Fund. More information on the renovation of Riverside Plaza can be found at www.minneapolismn.gov/cped/projects/cped_rive... .
AntiMelting

New Richmond, WI

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#4
Nov 1, 2012
 

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Amused Slew wrote:
"Renovation includes rehab of 1,303 affordable housing units; a new Safety Center; energy reductions; pedestrian, bicycle and streetscape improvements; community school expansion; 200 construction jobs; a healthier living environment"
The renovation project also included:
$7 million in improvements to the site and common areas.
The two-year construction period provided 200 construction jobs, 90 of which were reserved for Minneapolis residents with an emphasis on hiring Riverside Plaza residents and residents of the Cedar Riverside neighborhood. During the peak of the renovation, over 70 Riverside Plaza residents and 105 Minneapolis residents were working at the site.
Public safety improvements through investing in security, lighting, sidewalks, signage, way-finding and the opening of the new Cedar Riverside Safety Center at Riverside Plaza.
The reduction in energy consumption at Riverside Plaza by 25%-30%.
Improvements to the pedestrian and bicycle environments and streetscapes.
Expansion and renovation of the 20-year-old K-8 Cedar Riverside Community School, located inside Riverside Plaza, allowing for an increase in enrollment at the school from 120 students to 180 students and 40 faculty members.
"Riverside Plaza is a Minneapolis icon, and this renovation is not only a significant benefit for residents, it restores a landmark to its full glory for all of us," said Mayor R.T. Rybak. "With the completion of this important project along with the remake of Riverside Avenue, critical investments in hospitals and institutions of higher learning, the ongoing vibrancy of this diverse community, and the arrival of the Green Line light rail the West Bank is rapidly becoming the most dynamic neighborhood in Minnesota."
"Riverside Plaza represents our commitment to providing quality affordable housing and building strong communities," said George Sherman, President/Owner of Sherman Associates, Inc. "Through our 35 years of experience in financing and redevelopment, we were able to accomplish one of the most significant historic rehabilitations in the country."
The $65 million renovation is part of a $134 million refinance package. Approximately 88% of the project cost is financed with private funds. Public financing of the project includes $1.9 million, approved by the Minneapolis City Council in November 2010, and funding from the Minnesota Housing Finance Agency, Metropolitan Council, Hennepin County and Family Housing Fund. More information on the renovation of Riverside Plaza can be found at www.minneapolismn.gov/cped/projects/cped_rive... .
It's a 3rd world sh!thole.
Amused Slew

Seattle, WA

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#5
Nov 1, 2012
 

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Poor soapy, you're quite a POS...

“We have 545 traitors.”

Since: May 11

Parts Unknown

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#6
Nov 1, 2012
 
Yay for ghetto in the sky! The tenants will be dropping Sherman's property values exponentially starting immediately. I give it six months before the entire complex smells like sewage and the trash lines the halls. But at least Rybak can campaign on it, I mean what's more important?

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