MODEL CITIES PROPERTIES

MODEL CITIES PROPERTIES ENCOMPASSES ALL OF MODEL CITIES' REAL ESTATE DEVELOPMENT PROJECTS. OUR MOST RECENT DEVELOPMENT, MODEL CITIES BROWNSTONE, IS LOCATED AT THE VICTORIA STREET LIGHT RAIL TRANSIT (LRT) STATION OF ST. PAUL'S GREEN LINE. THE DEVELOPMENT IS A 4-STORY, MIXED-USE TRANSIT-ORIENTED DEVELOPMENT THAT INCLUDES 35 UNITS OF AFFORDABLE RENTAL HOUSING; APPROXIMATELY 20,000 SQUARE FEET OF RETAIL, OFFICE AND COMMUNITY SPACE; AND CLOSE TO 7,000 SQUARE FEET OF OUTDOOR SPACE DEDICATED TO A POCKET PARK. IN 2024, 53 INDIVIDUALS (38 HOUSEHOLDS) WITH LOW INCOMES GAINED ACCESS TO SAFE, AFFORDABLE HOUSING AT OUR BROWNSTONE LOFT APARTMENTS. SEE SCHEDULE O FOR ADDITIONAL INFORMATION.SINCE OPENING IN 2017, BROWNSTONE HAS BEEN AT OR NEAR 100 PERCENT OCCUPANCY (APPROXIMATELY 97% ON AVERAGE EACH YEAR) FOR THE 35 UNITS OF AFFORDABLE HOUSING INCLUDED IN THE PROJECT. THE POPULATION OF RESIDENTS IS DIVERSE WITH A MIX OF RACES, AGES, AND FAMILIES RESIDING AT BROWNSTONE. INTEREST CONTINUES TO REMAIN HIGH IN THE RESIDENCE AS WE TYPICALLY GET MULTIPLE APPLICATIONS FOR VACANCIES WHEN THEY ARISE. IN ADDITION, MODEL CITIES IS INCREASING ITS CAPACITY AS A PROPERTY MANAGER AS IT HAS SUCCESSFULLY MET ALL THE LIHTC COMPLIANCE ISSUES THAT CAME WITH THE PROJECT. ALL FIVE COMMERCIAL SUITES ALONG UNIVERSITY AVENUE HAVE CONTINUED TO THRIVE DURING THEIR LEASE. COMMERCIAL TENANTS HAVE BEEN A BLEND OF BUSINESS OWNERS FROM THE SURROUNDING NEIGHBORHOOD INCLUDING A SOMALI-OWNED CONVENIENCE STORE/DELI, AN AFRICAN AMERICAN-OWNED BARBERSHOP, AN AFRICAN AMERICAN WOMEN OWNED EVENT CENTER, A BIPOC-OWNED APPAREL STORE, AND AN AFRICAN AMERICAN WOMEN-OWNED RESTAURANT. THESE SHOPS HAVE EMPLOYED NEARLY 20 INDIVIDUALS OVER THE PAST YEAR, MANY OF WHOM ARE RESIDENTS FROM THE AREA.

MODEL CITIES PROPERTIES ALSO SERVES AS A HOLDING COMPANY FOR OUR SANKOFA AND FAMILIES FIRST SUPPORTIVE HOUSING DEVELOPMENTS, WHICH PROVIDE 37 LONG-TERM, LOW-COST HOUSING UNITS AT NO MORE THAN 30% OF FAMILY INCOME. SANKOFA SERVES PREGNANT AND PARENTING YOUTH AND YOUNG ADULTS AGES 17-25. FAMILIES FIRST SERVES SINGLE-PARENT FAMILIES, MOSTLY SINGLE MOTHERS WITH A HISTORY OF HOMELESSNESS.