Broadway Street Development has completed The Balsam on Broadway, a six-story mixed-use development at 540 Broadway St. in St. Paul, Minnesota, adjacent to the city’s Lowertown neighborhood.
A grand opening event will be held March 13 and will include a ribbon cutting, remarks from St. Paul Mayor Melvin Carter and HRA Chairperson Cheniqua Johnson, and self-guided tours.
The Balsam on Broadway is a $70 million development that will ensure long-term affordability in this downtown-adjacent neighborhood for at least 40 years. The 100% affordable housing project features 128 apartment homes for residents earning between 30% and 80% of the Area Median Income (AMI). In partnership with Simpson Housing Services, the development also includes five high-priority homeless units. The Balsam on Broadway welcomed its first residents on December 20, 2024, and had 66 move-ins before the end of the month.
The building offers studio, 1-, 2- and 3-bedroom apartments with balconies and features high-quality amenities including in-unit laundry, a sixth-floor clubroom and deck with beautiful views of the St. Paul skyline, a fitness center, children’s playroom, work-from-home suites, a secure package system, bike parking and a pet spa, along with on-site management and maintenance offices. The project also includes 5,200 square feet of office space that will serve as Broadway Street Development’s headquarters. The project has an expansive solar array and is in the certification process to become a LEED Silver building, with a goal of attaining LEED Gold certification.
The Balsam on Broadway also partnered with Public Functionary to develop a curated collection of artwork that enhances the sense of place and supports local artists. Vibrant pieces adorn both elevator bays on each floor, celebrating a diverse range of backgrounds and cultures. The muralists include Christina Vang, Carolyn Swiszsz, Anna Palmquist, Jessica Turtle and Lora Hlavsa. The sixth-floor clubroom displays a collection from Burlesque of North America and the lobby showcases art by Wasima Farah, Bebe Keith, Xee Reiter and Lora Hlavsa.
The development was made possible by many financing partners, including the City of St. Paul, DEED, and Ramsey County. Additional financing partners include Ready Capital, US Bank, Greater Minnesota Housing Fund and Colliers Securities; as well as development partners LS Black Constructors, Tushie Montgomery Architects, Loucks, Inc., ERA Structural Engineering, and Emanuelson-Podas, Inc., among many others.
