Last month, local community leaders in Minnesota celebrated the start of construction on the The Waters Senior Living of Minnehaha. The new development is targeted for the underserved senior population of South Minneapolis that includes 77 assisted living and memory-care residential apartments and care suites.
The $15-million, four story facility is being developed by The Waters Senior Living, a partnership founded in 1999 by the principals of Shelter Corporation and Tealwood Care Centers and will include 63 studio, one and two bedroom assisted living residences in addition to seven memory care and seven private care suites.
In accordance with the City’s participation in this Tax Increment Financing (TIF) district, 20% of the 77 residential units will be marketed to seniors with incomes at or below 50% of the area’s average medium income (AMI). The Waters will be located adjacent to the 218-bed Providence Place nursing home and will provide a range of senior housing options for the area. Financing for the Waters is provided through a $12-million HUD-Ginnie Mae first mortgage, TIF and a loan from the City of Minneapolis Affordable Housing Trust Fund. The project was designed by ESG Architects of Minneapolis and the general contractor is Hopkins-based Frana Companies.