Hosting ULI at Rivkin Apartments
Wellington Management hosted ULI Minnesota at our new Rivkin Apartments on March 26th. Cameron Olson, Development Associate and David Wellington, President discussed the development and funding process to bring Rivkin from an idea to a reality.
Rivkin Apartments is a six-story- including underground parking- mixed-use building in the Seward Neighborhood of Minneapolis. Rivkin contains a mix of studio through four-bedroom units with rent/incomes restricted at 60%, 50%, and 30% AMI. Approximately 850 SF of commercial space fronts Franklin Avenue. The project features many sustainability initiatives including rooftop solar, electric vehicle charging stations, and a storm water re-use system to enable stormwater to be stored and used for on-site irrigation. Amenities include a fitness center, 3rd floor patio, makerspace and quiet room, outdoor kids’ play area, bike storage room, and multiple first-floor community rooms. The building is opening on April 1st.
Members of ULI attended this event, hosted by WMI’s property manager Claudia Ramirez, to learn more about affordable housing in Minneapolis and Rivkin’s development process. The group discussed the funding application processes, how operational costs play into building management, the evolution of the site plan’s design and budget, and how units are distributed across the spectrum of affordability.
With multiple funding sources to draw from, David explained that the process of applying to loans, grants, and other funding is lengthy and often takes multiple rounds of applications. He emphasized the importance of staying engaged with local officials and building strong relationships within the community. Throughout the lengthy funding process, the vision for the site evolved, with Rivkin going from seven floors to six and more amenity space being added to the first floor.
One event participant asked David what he is optimistic about for affordable housing in Minneapolis. David replied that a lot of people want to see the city succeed. Although the process to get to Rivkin’s opening was challenging, it was fun and necessary. “We’re doing this because we feel it’s the right thing to do,” said David. WMI’s legal, development, and finance specialists worked together for the past five years to make this vision come to life, and we are thrilled to be opening Rivkin Apartments in just a few days!
