Maggie Manor Too Apartment Homes To Remain Affordable
A Community Collaborates to Invest in Affordable Housing
WAYZATA – May 2, 2022 – The MAGGIE Foundation and Outreach Development Corporation (ODC), have partnered to purchase the side-by-side residential buildings located at 426 and 434 Rice Street in Wayzata. The $2 million acquisition of the affordable housing apartment complex called Maggie Manor Too closed in March and includes an additional commercial office building located at 217 Minnetonka Avenue.
“Our goal is to preserve the property as an affordable housing option in Wayzata,” said Matt Mithun, owner of Mithun Enterprises and board member of the MAGGIE Foundation. “This collaborative partnership provides present and future tenants an affordable place to live in a prime location in a great community.”
The Maggie Manor Too buildings consist of 10 one-bedroom units. As vacancies occur, Hegenes Properties, the management company contracted by the new owners, will apprise Interfaith Outreach and the local community of available vacancies. Interfaith Outreach and ODC have a successful history of mobilizing local and regional housing partnerships to preserve and develop unique housing with services models that help residents build strong futures.
Both Maggie Manor Too and nearby Maggie Manor, a 6-unit affordable townhome complex developed by ODC in 2012, are named in memory of Maggie Mithun. Located at the corner of Rice Street and Grand Avenue in Wayzata, Maggie Manor consists of 1-, 2-, and 3-bedroom units.
The property will undergo some basic cosmetic renovating, with new paint, windows, doors, and a few other upgrades in the common areas.
The commercial office space included in this acquisition houses three small businesses well known in the community: Aux Ciseaux Tailor, Luger Studios, and Geyen Group.
“This collaborative investment of time, energy and resources shows what a community can do when it works together to address a key community issue,” said Ken Dayton, ODC Board Chair and Senior Managing Director of JLL Real Estate, LLC. “Housing affordable to people of all incomes is a win for all of us. It enables residents working in food service, health care, retail, and hospitality to live near their places of employment, which helps them and our whole community prosper.”
“One of the easiest ways to ensure that affordable housing continues to exist is by preserving what we already have,” said Wayzata City Manager Jeff Dahl. “We were happy to be a part of working with these institutions to employ our collective passions and resources to help solve an issue in the community.”
Other community partners involved in the project include the construction firm of Gordon James, Scherer Bros. Lumber Co., and the law firm of Sanford, Pierson, Thone and Strean.
For more information about ODC, please visit https://www.odchousing.org.
About MAGGIE Foundation
Established to carry on the giving spirit of Maggie Mithun, the MAGGIE Foundation strives to support its community members with essential services with a focus on education and affordable housing.
Outreach Development Corporation is a Plymouth-based nonprofit housing organization with a 22- year history of mobilizing collaborative cross-sector partnerships to preserve, acquire, and develop quality affordable housing in the west suburban communities served by Interfaith Outreach. The ODC board is comprised of housing professionals with a wide range of experience and expertise in affordable housing planning, finance, development and support services and a track record for delivering results.
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