Minneapolis-based real estate company Schafer Richardson has started construction on Peregrine, which will bring 163 units of affordable housing to Minneapolis’ Hawthorne neighborhood.
The site, previously home to a single-story commercial building and a surface parking lot, is located along the Mississippi River at the corner of West Broadway Avenue and West River Road North. Peregrine will be a new-construction seven-story multifamily housing building with enclosed parking, residential amenities and on-site management.
Peregrine will provide one-, two-, three- and four-bedroom apartment units, attracting both individuals and families, with income restrictions for households earning at or below 30% to 80% of the Area Median Income. Additionally, the development has secured 34 project-based vouchers through a partnership with the Minneapolis Public Housing Authority.
Peregrine, which is in one of Minneapolis’ Green Zones, is pursuing LEED green building certification through the U.S. Green Building Council and will provide sustainable and energy-efficient living to its residents.
Speakers at the ceremonial ground-breaking event included Steve Norcutt, President of Schafer Richardson; Katie Anthony, Vice President of Development at Schafer Richardson; Claire VanderEyk, Development Manager at Schafer Richardson; Jacob Frey, Mayor of Minneapolis; Jeremiah Ellison, Minneapolis Councilmember representing Ward 5; and Darrel German, Regional President of Minnesota, Huntington National Bank.
Peregrine will be the newest addition to Schafer Richardson’s growing portfolio of affordable housing in the Twin Cities marketplace, underscoring a continued commitment to providing quality housing at a variety of price points.
Construction began in January, and the project will open to residents in the summer of 2023.