Piccadilly Square was awarded the Redevelopment Excellence Award from the National Association of Local Housing Finance Agencies.
Piccadilly Square Redevelopment is the reuse of a vacant supper club and former streetcar powerhouse into a 79-unit apartment building affordable to low income seniors. Piccadilly Square is located in Mahtomedi, Minnesota, a suburb of St. Paul. In 2012, the City approached the Washington County Community Development Agency (WCCDA) to fulfill a need for affordable senior apartments in the community, a generally but not exclusively affluent area. The site is highly visible with easy pedestrian access to shops, restaurants, transit, and other amenities but was passed over by the private market due to costs of site clearance, soil remediation, and sealing a 500+ feet well.
The WCCDA co-partnered with Sand Companies, a local developer and design firm, leveraging the experience and expertise of both partners to secure $3.5 million of grants and subordinate loans from local, regional and federal funders. The $16.8 million dollar project is financed with the combination of private activity bonds backed by Washington County's fully faith and credit pledge with AAA/Aaa ratings and 4% Low Income Housing Tax Credits, in addition to the subordinate financing.
The new three-story development contains one and two bedroom units affordable to seniors earning less than 50% and 60% of the area median income (approximately $35,000), underground parking, community room, management and service offices, fitness and craft rooms, and outdoor patio. A new public plaza creates a sense of place with a way-finding and history-telling kiosk and trail connections." [read full article]