Schafer Richardson, in partnership with Peter Brodd, has acquired the site located at 848 Payne Ave. in St. Paul, Minnesota. The Payne-Phalen neighborhood development, Nova SP, will feature 99 studio, one- and two-bedroom apartment units for households earning at or below 60 percent of the Area Median Income.
The project will be Enterprise Green Communities certified. It will include energy and water efficiency measures, innovative stormwater management measures, healthy interior materials and a 130kW solar photovoltaic array on the roof. Residential community amenities will include a fitness room, bike storage, dog park and outdoor patio.
In addition, the project will feature 5,600 square feet of ground floor commercial space that will be leased by Schafer Richardson and managed by SR Management. Nova SP is planned to open in the of Summer 2021.
The project team includes UrbanWorks as the selected architect, Flannery Construction as the general contractor, Steven Scott Management as the on-site residential management team. Lenders for the project include: National Equity Fund (tax credit syndicator), Great Southern Bank (construction lending), Colliers and Fannie Mae (permanent financing), Metropolitan Council (Livable Communities Demonstration Project funding) and the City of St. Paul.
Nova SP is Schafer Richardson’s first Opportunity Zone project and is also the first low-income housing tax credit and opportunity zone project to close in Minnesota.
