MINNETONKA, Minn. — The AFL-CIO Housing Investment Trust (HIT) will invest $14.8 million into the Zvago Cooperative project, a 54-unit, four-story cooperative for seniors along the banks of Glen Lake in the Minneapolis suburb of Minnetonka.
The $19 million project is an expansion of the Glen Lake Redevelopment project, which includes a 52-unit mixed-use project built in 2008 and a 159-unit seniors housing community built in 2011.
In addition to the 54 new seniors housing units, the expansion will have views of Glen Lake, a community patio overlooking the lake and adjacent wetlands, and amenities such as a club room, fitness facility and heated underground parking.
The developer for the project is OneTwoOne Development LLC, a wholly owned subsidiary of Ecumen, a Minnesota-based nonprofit provider of seniors housing and aging services.
Zvago Cooperative is the HIT’s 76th project in Minnesota. The multifamily investment firm is based in Washington, D.C.