The Cornerstone Group Completes Acquisition of Prospect Park Boeser Site
Prospect Park is one step closer to actualizing its vision as a walkable, transit-oriented urban village. The Cornerstone Group has completed acquisition of the former Boeser site at 2901 4th Street SE in Minneapolis.
Colleen Carey, President of The Cornerstone Group, stated: “We believe that the Prospect Park Station has great potential for transformation. The LRT stop is important but even more important to our decision to invest in this area is a great neighborhood organization (Prospect Park East River Road Improvement Association) with a compelling vision that aligns with ours and a vibrant arts organization (MN Textile Center) that has made this area home and intends to stay here for the long haul. The development of a new arts-oriented urban village at this site will not happen overnight but the important pieces are in place and the area is ready for redevelopment to begin.”
The Metropolitan Council awarded The City of Minneapolis $2 million in Livable Communities Demonstration Account Transit-Oriented Development funds for the acquisition. Additional funding was received from Hennepin County Transit Oriented Development and Greater Metropolitan Housing Corporation.
Plans for the site include demolition of the existing vacant warehouse, brownfield cleanup, and development of approximately 200-250 units of energy efficient multifamily housing, with a mix of market rate and affordable units.
The Cornerstone Group is working with architects to design the housing around green space and to create bicycling and pedestrian connections from the new housing to Prospect Park Station on the Central Corridor LRT. The Intercampus Transitway runs adjacent to the site on the north side, providing an off-street bicycling path and direct transit connection to the University of Minnesota.
Carey stated that the new housing will not be targeted towards students like many projects in the pipeline in the Stadium Village area, but instead will aim to attract a diverse mix of residents who want to live, work, and play in a convenient and livable urban location.
“We believe that our role as a developer is not just about bricks and mortar, but it is about creating great places to live, work and play. Great places aren’t really about bricks and mortar–they are about stitching together the pieces of a quilt, weaving together a place that welcomes and gives priority to art and artists, nature and open space, local food and urban agriculture, designs for healthy living, places for lifelong learning and the other elements of great communities.”