New SoLo Apartments will bring more than 170 affordable units to Bloomington
The City approved an opportunity housing ordinance and affordable housing trust fund in 2019 with the goal of preserving and creating affordable housing in Bloomington. Those moves are already translating to an increase in affordable units. Aeon, a mission driven nonprofit developer, recently closed on the financing to construct 172 new units at Village Club, now renamed SoLo Apartments. The new development will add 172 units affordable to a range of incomes (from 30% area median income to 70% AMI) and a mix of one-, two-, three- and four-bedroom apartments in two buildings.
The development is located near a mixed-use transit corridor of the city just south of the Mall of America. This project, along with the preservation and rehabilitation of the existing 306 naturally occurring affordable housing units on the site, is a primary example of the City’s commitment to affordable housing. Aeon will break ground on construction by August.
“In preserving an existing 306 affordable units in December at Village Club apartments and now moving forward on the new construction of 172 new units, we will have 478 affordable housing units included in this one project alone,” Mayor Tim Busse said. “This would not have been possible before we established our $15-million affordable housing trust fund or without the incentives provided by the opportunity housing ordinance. We are glad to see the City’s commitment to affordable housing result in a tangible addition to our community so quickly.”
“We are proud to work with the City of Bloomington to expand Village Club Apartments and offer another 172 affordable homes for Bloomington residents,” said Aeon President & CEO Alan Arthur. “The City of Bloomington continues to provide groundbreaking leadership to preserve and create affordable housing for all residents.”
To learn more about the opportunity housing ordinance or the affordable housing trust fund, visit blm.mn/oho.