Examples of Potential Projects

Current Examples of MN-OZA Projects

Minnesota Opportunity Zone Advisors (“MN-OZA”) is currently working with community partners to identify actionable projects so funds can be deployed by the end of 2019.

Shared here are examples of possible MN-OZA projects.

Guild842 Housing Development w/ Affordable Units

Guild842 Housing Development (Phase 1 & 2)
842 Raymond Avenue | Saint Paul | MN | 55114
Opportunity Zone Census Tract 27123031900

Guild842 is a mixed-use, mixed-income rental development including 20% affordable units.  This development will be adjacent to an existing 1949 vintage commercial structure.
+ Expects to be an eligible “original use” project.
+ Approximately $15M total project cost, approximately $5M to $7.5M equity required depending on phasing, housing format.
+ Existing commercial component – 50% leased.
+ Phase One new addition for 14-16 rental units over existing commercial.
+ Phase Two new development for 35-45 rental units on adjacent parcel.

East Yard Food Truck Park

120 Kw Solar Garden
629 Bush Avenue | Saint Paul | MN | 55130
Opportunity Zone Census Tract 27123031500

 

This solar garden will help to power The East Yard Tiny Home Village and will reclaim an urban brownfield.
+ The parcel will also include a secured paved off street parking lot for 20 large

+ A neighborhood dog park will be created.
+ Expect to be an eligible “original use” project.
+ Approximately $605,000 total project cost, approximately $300,000 to $350,000 in equity required.

East Yard Tiny Home Village

Future – East Yard Tiny Home Village
629 Bush Avenue | Saint Paul | MN | 55130
Opportunity Zone Census Tract 27123031500

The East Yard Tiny Home Village will reclaim an urban brownfield and create a new model for urban in-fill housing. One acre parcel.
+ Expects to be an eligible “original use” project
+ Approximately $5M total project cost, approximately $2M to $3M equity required depending upon phasing, housing format.
+ New in-fill development for 25-30 rental housing units.

East Yard Food Truck Park

Future – East Yard Food Truck Park
629 Bush Avenue | Saint Paul | MN | 55130
Opportunity Zone Census Tract 27123031500

The East Yard Food Truck Park will reclaim an urban brownfield and create a food truck park on a 1/3 acre parcel near the busy Payne and Phalen intersection.
+ Construct all-season food hall where five food trucks can park.
+ Expect to be an eligible “original use” project.
+ Approximately $680,000 total project cost, approximately $300,000 to $350,000 in equity required.

Identifying Actionable Opportunity Zone Projects

MN-OZA is interested in learning about projects throughout the state which could be good candidates for Opportunity Zone Impact Fund investment.  Please remember, our business philosophy revolves around deliberate “triple bottom line” objectives across economic, social and environmental realms.

What makes a good project?
#1 — It must be within a certified Opportunity Zone.  (If you’re unsure, please check the Minnesota Opportunity Zone map.)

#2 — There are two types of projects that qualify:
a) Empty land where new construction can be built upon; or
b) Existing buildings in need of substantial rehabilitation (either residential or commercial).  This requires that a significant investment is made in the building equal to what was paid for the building.

Types of Information MN-OZA Needs
If you’ve got a specific use in mind for the property, we’d like to hear your idea(s).  And, ideally, it would be great to understand who currently owns the property.

Other
If your idea would require some sort of change to zoning or an ordinance, it would be helpful to hear those details.

Community Impact Advisory Boards

MN-OZA’s Opportunity Impact Fund is intended to be mission-focused, long-term (“patient”) and aligned with goals within the communities where MN-OZA’s monies are deployed.  Ideally, every project MN-OZA invests in will be community-led and each project will feature its own Community Impact Advisory Board, comprised of local thought-leaders and neighborhood stakeholders, led by MN-OZA management team members. Our business philosophy revolves around deliberate “triple bottom line” objectives across economic, social and environmental realms.

MN-OZA is seeking to channel the talents and relationships of its personnel into good works and with an economic aspiration and not just philanthropy, so we will collaborate with community members to achieve positive outcomes.