Published:

100 Year Old Commerce Building in Downtown St. Paul Redeveloped Into 100 Work-Force Homes

    ST. PAUL, Minn., July 18 /PRNewswire/ --
    WHAT:             CommonBond Communities and Commerce Partners, LLC, owned

                      by the Rutzick Family in partnership with Minnesota
                      Housing and the city of St. Paul, announce the historic
                      preservation and redevelopment of The Commerce Building
                      in downtown St. Paul.  A $10.4 million development, the
                      1900's Commerce Building provides 100 work-force
                      apartment homes affordable to people making 60 percent
                      of Area Median Income (AMI) or less.  Six units are
                      reserved for people who have experienced long-term
                      homelessness.  Funding partners include Minnesota
                      Housing, City of St. Paul, Metropolitan Council, US Bank
                      and PNC MultiFamily Capital.  CommonBond Communities is
                      the developer and property manager.

    WHEN:             Monday July 21, 11:30-1:30 p.m.

    VISUAL/INTERVIEW: 11:45 - 12:30 interviews with Paul Fate, President of
                      CommonBond and new Commerce Building residents

                      11:30 p.m. - 12:30 tours of completed homes

                      1:00 brief program featuring St. Paul Mayor Chris
                      Coleman and CommonBond President Paul Fate.

                      Interviews with Tim Marx, Minnesota Housing and Commerce
                      residents also available upon request.

    WHERE:            8 East 4th Street, downtown St. Paul --
                      (near Crown Plaza hotel)
                      Parking at The Victory Parking Ramp at 344 Wabasha
                      Street or The Lowertown Ramp at 316 Jackson Street

    WEB SITES:        http://www.thecommercebuilding.net -- For media kit
                      http://www.commonbond.org
                      http://www.mnhousing.gov

CommonBond Communities is the largest nonprofit provider of affordable homes with on-site resident services in the Upper Midwest. CommonBond's nearly 5,000 apartments and town homes are located inMinnesota,Wisconsin andIowa. CommonBond Communities has earned a national reputation for excellence in developing and managing quality affordable housing while providing customized resident services administered through Advantage Centers that promote resident success.

Minnesota Housing is a state agency committed to finance and advance affordable housing opportunities for low and moderate income Minnesotans to enhance quality of life and foster strong communities. The agency invests more than $1.6 billion in affordable housing each biennium. If ranked among the commercial banks, it would be the sixth largest bank with total agency-wide assets of $3.3 billion as of June, 30, 2007.

SOURCE CommonBond Communities

Tags: ,CST,RLT,MN-CommonBond-Commun.

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100 Year Old Commerce Building in Downtown St. Paul Redeveloped Into 100 Work-Force Homes