Construction to be completed February 2019
Rondo Community Land Trust (CLT), along with its partner Community Housing Development Corporation (CHDC), is developing two mixed-use commercial/residential buildings, the Selby Milton Victoria (SMV) Project. These buildings will provide 9,300 square feet of long-term affordable commercial space for small, local and minority owned businesses along with 34 units of affordable senior housing, financed by a combination of deferred loans and low income housing tax credits. The units will be affordable to those at 30% to 60% of the area median income.
One of the most pressing issues in the community is how can small minority-owned businesses afford space when rapidly rising rents and speculative real estate development threatens to displace them. It is unsettling to those of us who care about ensuring that local business owners are not displaced after they have made investments in their community. Based on the concepts underlying land trust housing, Rondo CLT is creating a new model for long-term, affordable commercial space.
Affordable Senior Housing
Rondo CLT and CHDC are partnering with BDC Management and the Neighborhood Network for Seniors for the affordable senior housing. BDC Management will be the leasing agent for the senior housing. They are currently contacting the first set of applicants to determine eligibility and the individual needs of these possible senior tenants. The Neighborhood Network for Seniors Program will assist during the pre-occupancy stages with planning for initial services and resources that will be available to residents. They will provide the services for Outreach Nurse for wellness services, work with resident groups to identify programming needs and interests, collaborate with RCLT and CDHC to provide evidence based programs, workshops and educational opportunities that support the health, wellness and independence of their residents.
Please contact BDC Management if interested: (612) 371-0766 or email@example.com
The 9,300 sq. ft of affordable commercial space is designed for small businesses to expand or become established on Selby Ave. We have selected the tenants for all of the commercial spaces and the live/work spaces. The goal of the commercial space on the first floors will be to retain, stabilize, and promote small, local, and minority owned businesses. Through small business recruitment, the Rondo Commercial Land Trust Project (CLTP) addresses the community goal of encouraging economic independence through entrepreneurial training and support.
As we work with the two restaurant tenants it has become clear that the extent and cost of the mechanical and electrical infrastructure is more that these small businesses can afford. Given the fact that we are targeting small, local, and minority owned businesses, we have decided to cover a much larger share of these infrastructure costs. We are currently raising the money for this build-out project. Please consider making a donation to help these small businesses. We don’t want them to have more debt than they can safely carry to make it.