Community Planning & Economic Development

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Park Plaza

505/507 and 525/527 Humbolt Avenue, and 1313 Olson Memorial Highway

Park Plaza is located on the north side of Minneapolis and is adjacent to the land cleared as part of the Hollman Settlement. It is within the area of redevelopment laid out in the Hollman Action Plan and is a vital element of this redevelopment effort.

Park Plaza is intended as a three-phase project with Phase I focusing on acquisition, elevator replacement and exterior work. Upon completion of all three phases, there will be 134 units. Forty-eight of the units will be Section-8 project based and the remaining units will remain affordable to households at or less than 50 percent of the median.

Developer:

Community Housing Development Corporation (CHDC)

City Investment:

$2,380,471 Community Development Block Grant

$670,000 HOME

$600,000 Tax Increment Financing

$400,000 Empowerment Zone funding

Total Development Cost:

$20,960,796

Number of Units:

134

Unit Configuration: 

62 one-bedroom units

59 two-bedroom units

13 three-bedroom units

Number of Affordable Units: 

134

Renovation Began:  

March 2000

Completed: 

December 2002

For More Information:

CHDC - (612) 332-6264

January 2003

Last updated Oct 28, 2011