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Affordable Housing Project Planned For Woodbury

GMHF’s ability to provide a mezzanine loan helped this affordable workforce housing project fill a financing gap and move forward with construction.

The Meadows at Prairie Ridge rendering

A $92 million, 237-unit affordable housing project has been announced for Woodbury.

Broadway Street Development of Saint Paul plans to begin construction early this summer on The Meadows at Prairie Ridge. The four-story, multifamily residential project will be built at 580 Manning Avenue South, just south of I-94. Expected opening is in the spring of 2027.

“We’re grateful for all the partners who are helping make it possible,” Mike Hudson, vice president at Broadway Street Development, said in a news release. “This development will continue to show how affordable housing can be reimagined and will build a community where people can thrive. We look forward to breaking ground and bringing these new homes to life.”

Jamie Fritts, the city’s housing and economic development coordinator, said that Woodbury is committed to expanding affordable housing and proud to be a supporter of the project. “This project will not only address a pressing need but also enhance the well-being and opportunity of its future residents,” Fritts stated. “This development will offer high-quality homes affordable to working families seeking larger units, along with convenient access to green space, recreation, employment, and other key amenities for daily living needs.”

The development will be located between an Amazon warehouse under construction to the north, and the city’s Prairie Ridge Park to the south. The developer committed 3.5 acres of woodland for the city to expand the park, giving tenants access to walking paths.

The development is made possible by many partners, including the Washington County Community Development Agency, the City of Woodbury Housing & Redevelopment Authority, U.S. Bancorp Impact Finance, KeyBank, Greater Minnesota Housing Fund, Bridgewater Bank, US Bank Trust Company, First American Title Insurance, Roers Residential, Colliers Securities, ESG Architecture & Design, Eastside Builders, and Loucks.

Read the full story online from Woodbury News Net.

Photo credit: ESG Architecture & Design

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