Aeon, a nonprofit developer, owner and manager of affordable homes, announced construction will begin this week on 70 new affordable homes in Edina. The property’s name, The Sound on 76th, pays homage to its history as the former site of Flyte Time Studios.
The new building will offer much-needed affordable homes in the heart of Edina, one block off France Avenue near Southdale Center. The property will be close to schools, jobs, parks and public transportation. Amenities at the property will include an outdoor play area and green space, fitness center, community room and homework room with computers.
The majority of the homes will be two- and three-bedroom. Eight homes will be designated for people leaving homelessness, and be affordable for people at or below 30 percent of the area median income, or AMI. Half of the homes will be affordable at or below 50 percent AMI, with the remainder affordable at or below 60 percent AMI.
“In these difficult times, it is more apparent than ever how critical home is to the stability of our community” said Sarah Harris, Aeon’s executive vice president of strategy, partnerships and production. “We desperately need more affordable homes in the Twin Cities, especially for larger families. We are so grateful to everyone who is working with us to make these homes a reality.”
Aeon is partnering with the city of Edina, UrbanWorks, Kimley-Horn, Flannery Construction, The Richard M. Schulze Family Foundation, Haven Housing, Hennepin County, U.S. Bancorp Community Development Corporation, the Metropolitan Council and Minnesota Housing and others on the approximately $23 million development. Edina community members’ support also made this development possible, a press release said.
“The Schulze Family Foundation is pleased to see this project moving forward,” said Foundation President & CEO Mark Dienhart. “Affordable housing is an interest of the foundation, and Mr. Schulze and his family have a particular interest in Edina and the welfare of families in this community.”
The grand opening of The Sound on 76th is expected in mid-2022. Flyte Time Studios was home to Twin Cities music legends Jimmy Jam and Terry Lewis, who recorded numerous No. 1 hits there before moving their business to California. Original artwork by Ta’coumba Aiken that was displayed in the studio will be re-installed in the new property.