Sherman Associates has completed Ladder 260, a $34 million affordable housing development at 260 Portland Ave. in the Mill District neighborhood of Minneapolis.
Kraus-Anderson is the general contractor for the multi-phase project for Sherman, which is redeveloping most of an under-utilized city block at Washington Avenue and Portland Avenue. The first phase of the overall $161 million development project was a new $12 million fire station for the City of Minneapolis, which was completed in 2022.
The final phase, called O2, is a 22-story, 240-unit market-rate apartment tower at 250 Portland Ave., expected to be completed in early fall of 2024.
Designed by ESG Architects, Ladder 260 is a six-story, 82,225-square-foot low-rise apartment building, featuring 90 affordable housing units. Amenities include a hotel-like lobby and leasing center, fitness room, 2nd floor lounge and a rooftop deck, bike storage/parking and pet spa. Walk-up units on the street level provide a unique unit type to the market and will enhance the vibrancy along 3rd Street. The location has proximity to light rail and bus routes and is highly walkable and bike-friendly.
KA and Sherman have worked together on several projects that have enhanced the downtown Minneapolis community. Most recently, the 10-story Moment Apartments opened its doors in January 2023. The mixed-use, 222-unit development also includes the Transitional Healing Center for Firefighters For Healing. The center located on the 2nd floor includes 12 fully furnished suites for families of burn survivors, firefighters and first responders traveling to the Twin Cities for care at nearby Hennepin Healthcare.
Ladder 260 is now pre-leasing.
