Affordable Housing Proposed for Brooklyn Park Development Site
A developer with ties to Brooklyn Park is proposing an affordable housing project in the city with at least 160 units, according to Brooklyn Park Economic Development Authority (EDA) documents.
The proposal by JO Cos. would build apartments on land owned by the EDA at 7621 and 7601 Brooklyn Boulevard in the Village Creek neighborhood. Both parcels, which total 3.8 acres, are on either side of Welcome Avenue and have remained vacant for years as the city sought appropriate development opportunities.
According to city documents, JO Cos. would build either a 4-story building with 73 units or a 5-story building with 86 units in the first phase. The total development cost would range from nearly $32 million to at least $37 million.
The apartments would feature a range of units, including studios through 4-bedroom units “to serve diverse household needs,” city documents showed. The project would target renters at 50 percent to 70 percent of area median income.
For the development to occur, it would require significant financial assistance, including substantial public subsidies. JO Cos. is requesting a free or reduced land price — the site is valued at $860,000. The developer is also seeking $1.1 million in tax increment financing and $2.1 million in gap financing with the city. In addition, JO Cos. would need approval of federal Low Income Housing Tax Credit subsidies, a highly competitive process.
Plans are very preliminary and currently at the concept phase, which is an opportunity for developers to seek feedback from city officials.
JO Cos. is led by President and CEO Johnny Opara, a Brooklyn Park resident. The company was also behind the Wangstad Commons apartments in Brooklyn Center, which opened last year.
Map of development site along Welcome Avenue/Courtesy JO Cos. and Pope Design Group
