Update: Brooklyn Park Approves Preliminary Terms for Sale of Huntington Place
Brooklyn Park approved preliminary terms for Aeon Properties to purchase and rehabilitate the Huntington Place apartments. The city, through the Economic Development Authority, approved letting Aeon borrow $5 million to assist with the purchase.
Huntington Place is the second largest apartment community in the state, with six buildings on 13 acres. Aeon Properties is working on purchasing the property from the current owner Dominium for $88 million. Aeon has requested to borrow $5 million in assistance from the city of Brooklyn Park, through the Economic Development Authority, to assist with that purchase.
EDA commissioners supported the measure as a way to preserve affordable housing and lower the crime rate at Huntington Place.
“I’ve never seen it where two groups whether or not they like affordable housing or not at all agree on it, agree to one simple fact: they are sick of the crap,” said Jeff Lunde, Mayor, who also sits on the EDA commission. “Whatever in this five million gets us to that, I have no sympathy for anybody who has any crime going on in any apartment. Evict them. Don’t care.”
Aeon plans two phases of improvements if the sale goes through. That includes security cameras and installing an office and community space in each building. Eventually, they want to re-design the site plan.
To read more and listen to the full discussion, click here.