Ladder 260 Brings Affordable Living to The Mill District

Phase two completed in Sherman Associates’ city block redevelopment.

{MINNEAPOLIS, MINNESOTA, May 17, 2024}—Sherman Associates welcomes new residents to the Mill District with affordable living at Ladder 260, located at 260 Portland Avenue in Minneapolis.

Ladder 260 delivers 90 new construction affordable homes to the Mill District neighborhood of Minneapolis. The property serves households earning 30-60% area median income.

Ladder 260 provides free internet to each apartment home for its residents, the first affordable housing development in Minneapolis to provide this benefit.

Homes are equipped with stainless steel appliances; large windows; luxury vinyl flooring in kitchens, bathrooms, and living rooms; in-unit washers and dryers; and patios on walk-up units. Walk-up units on the street level offer a unique unit type for the market and will enhance vibrancy along South 3rd Street.

“We are eager to deliver this rare new construction affordable housing product to downtown Minneapolis. And as part of our mission to empower people, we are providing free in-home internet to our residents at Ladder 260,” said Chris Sherman, President at Sherman Associates. “This essential service will give individuals and families access to education, health care, government services, and infinite resources the internet provides, at no cost to our residents.

Ladder 260 is a $34 million project financed by RBC Community Investments, American National Bank, National Bank of Commerce, JLL, City of Minneapolis, AFL-CIO HIT, Minnesota Housing, and the Metropolitan Council LHIA.



Ladder 260 is the second phase of Sherman’s multi-phase redevelopment of the majority of the city block bound by Washington Avenue, Portland Avenue, South 3rd Street and 5th Avenue South. In phase one, Sherman completed a new Minneapolis Fire Station 1 for the City of Minneapolis in 2022. O2 is a 240-unit, mixed-use luxury tower under construction on the corner of Washington Avenue and Portland Avenue and the final phase of the redevelopment, opening this fall with 5,500 square feet of retail space along Washington Avenue.

“We are immensely proud to deliver this exceptional affordable housing project. Ladder 260 models how public-private partnerships are essential to sustaining adequate levels of affordable housing production,” said Carole Mette, Senior Developer at Sherman Associates. “At a time where economic conditions continue to be challenging and the housing crisis persists, more resources are needed. We commend the City of Minneapolis for providing innovative tools that support its housing goals.”

Significant elements from the original fire station were salvaged including wood flooring that was repurposed into a large table for the lobby of Ladder 260.

This mixed-use, mixed-income redevelopment speaks to the environmental sustainability and social impact components of Sherman’s ESG Commitment. Ladder 260 and O2 will provide high-quality, long-term, mixed-income housing to the residents of Minneapolis. The downtown location is transit-oriented providing residents with access to mass transit, biking, and walking and revitalizes the city block and the neighborhood.

Visit the website to learn more about Ladder 260.


Backgrounder:

Sherman Associates
Sherman Associates (Sherman-Associates.com) is a growing commercial real estate development and management firm based in Minneapolis with properties throughout the Midwest, Colorado, and Florida. Sherman develops, owns, and operates its assets with a long-term vision to build neighborhoods, enrich communities, and empower people.

Sherman Associates has developed over 12,000 multifamily units and currently owns and manages over 7,000 multifamily rental units (affordable and market-rate). Sherman also owns and manages over 720,000 square feet of commercial space, five hotels, four Starbucks, three restaurants, and two solar gardens. Stay connected with Sherman on LinkedIn, Instagram, X, and Facebook.