Broadway Street Development has completed The Balsam on Broadway, a six-story mixed-use development at 540 Broadway St. in St. Paul, Minnesota, adjacent to the city’s Lowertown neighborhood.
The Balsam on Broadway is a $70 million development that will ensure long-term affordability in this downtown-adjacent neighborhood for at least 40 years. The 100% affordable housing project features 128 apartment homes for residents earning between 30% and 80% of the Area Median Income (AMI). In partnership with Simpson Housing Services, the development also includes five high-priority homeless units. The Balsam on Broadway welcomed its first residents on December 20, 2024, and had 66 move-ins before the end of the month.
The project has an expansive solar array and is in the certification process to become a LEED Silver building, with a goal of attaining LEED Gold certification.
The development was made possible by many financing partners, including the City of Saint Paul, DEED, and Ramsey County. Additional financing partners include Ready Capital, US Bank, Greater Minnesota Housing Fund and Colliers Securities; as well as development partners LS Black Constructors, Tushie Montgomery Architects, Loucks, Inc., ERA Structural Engineering, and Emanuelson-Podas, Inc., among many others.
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Photo credit: Broadway Street Development
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