$23M Redevelopment Project Proposed in Mankato in Doubt
MANKATO (AP) -- The future of one of the biggest redevelopment proposals in Mankato history is uncertain because of questions about financing.
The Southern Minnesota Housing Partnership proposed a $23 million project to transform 5 acres of city-owned property near downtown into affordable housing, a day care/preschool building, supportive housing and park-like green space.
The City Council chose the proposal over two others because it addressed a shortage of working-class apartments, child care slots and housing with support services for families at risk of homelessness.
A critical piece of financing fell through last fall when the project failed to earn federal tax credits aimed at promoting construction of affordable housing.
City officials and the project developer are meeting this week.