Wells Fargo and Project for Pride in Living have announced the groundbreaking of a new mixed-use affordable housing development in South Minneapolis. The six-story project, named Opportunity Crossing, will feature 110 units of affordable housing, ground-floor commercial space to support small business ownership opportunities, and a Wells Fargo branch.
The funding for this project was made possible through $65.5 million from both business and philanthropic sources provided by Wells Fargo. The bank’s Community Lending and Investment group contributed $29.5 million towards construction financing, committed an additional $6.5 million for permanent loans, and invested $24.5 million in Low-Income Housing Tax Credits (LIHTC) equity to support the development.
Opportunity Crossing is situated on a 2.6-acre site that previously housed a Wells Fargo bank branch which sustained significant damage during unrest in 2020.The redevelopment of this block is part of efforts to revitalize the area following the demolition of the bank building earlier this year.
