Aeon’s developments are award-winning, multi-million dollar investments in our community. As one of Minnesota’s largest developers of affordable housing, Aeon typically has eight to 12 projects in its development pipeline. Buildings are constructed with sustainability in mind in both suburban (Clover Field Marketplace) and urban areas (East Village).
Investing in Our Community
Through a partnership between Aeon and Hope Community, the intersection of Franklin and Portland Avenues will be completely transformed to feature more than 250 high-quality, mixed-income apartments and townhomes, along with new retail and community space. Construction is underway on The Rose, an ultra-sustainable 90-unit building that is the fourth and final phase of the South Quarter transformation.
Refinancing Aeon’s Portfolio: Sustaining Community Assets
Aeon will refinance several properties in its portfolio in order to complete a moderate to substantial rehabilitation at each site. Aeon is committed to ensuring that its developments remain affordable and offer quality places to live with a safe, secure environment with responsive property management in a respectful culture that cares. Preservation of existing properties, which are an integral part of the neighborhoods in which they are located, is more cost effective than constructing new buildings.
- Aeon creates high-quality affordable housing developments by:
- managing development from feasibility through post-construction
- building partnerships with the community to understand their needs and goals
- gaining public and political support from city councils and state agencies
- securing appropriate financing from public and private sources
- guiding architects, engineers, contractors and others to ensure that the finished developments are quality affordable homes
Preserving and Stabilizing Existing Housing
Aeon also completes total rehabilitations of existing buildings, such as the transformation of the former St. Barnabas Hospital to create St. Barnabas Apartments. But, the Twin Cities have many more dysfunctional, outdated, poorly managed affordable apartment properties. These “problem properties” drain community resources and often resort to unneeded demolition.
Aeon offers an alternative to demolition by renovating existing buildings and fixing design flaws to transform the property into a long-term community asset. Pine Cliff Apartments, The Crest, and Sienna Green are examples of Aeon working with struggling properties to preserve existing affordable housing.