After transforming their development site into a Skate-Able art plaza, the work continues for the Juxtaposition Arts (JXTA) campus redevelopment project as the nonprofit arts organization officially closed on two properties currently located on the site of their existing headquarters, setting the stage for construction.
JXTA was founded on developing community by engaging and employing young urban artists in hands-on education initiatives that create pathways to self-sufficiency while actualizing creative power. Working as the Owner’s Representative for this inspiring nonprofit arts organization, Element Commercial Real Estate has played an integral role in reaching this milestone, coordinating fundraising and financing efforts and leading the design and construction teams for the 30,000 SF campus that will create expanded spaces for labs, gallery and administrative spaces.
As part of the initial feasibility phase, Element established a two-year fundraising and development plan that set quarterly goals for fundraising, a predevelopment budget, and a detailed work plan that tied development milestones to fundraising goals. This proved to be an invaluable road map for the staff team to prioritize capital campaign efforts while maintaining focus on the organization’s core mission.
Element assisted the capital campaign team, led by Betsy Altheimer and DeAnna Cummings, to secure a myriad of funding sources including $1M in state bonding through DEED, $3M in governmental grants and low interest loans from the City of Minneapolis, Hennepin County, Metropolitan Council, and the Mississippi Watershed Management Organization and over $4M of support from foundations (including McKnight Foundation, Target Foundation, Bank of America, Best Buy Foundation, LISC, US Bank, Heart of America and the Butler Foundation) and hundreds of individual donors. The final piece of the capital campaign came through $3.5M in New Markets Tax Credits provided by Sunrise Banks and Partners for a Common Good, which were purchased by US Bank CDC. Element worked closely with Brian Gorecki to source the New Markets Tax Credits and with Peter Berrie of Faegre Drinker to finalize the complex financing structure.
With a groundbreaking celebration held in late September, the project has begun demolition work and is set to start construction in early November. Element continues to work closely with the design and construction teams at 4RM+ULA and Watson Forsberg, overseeing construction and ensuring JXTA's three major project goals are met:
1) Maximize involvement of JXTA artists and apprentices in every aspect of the building
2) Prioritize involvement of black and POCI firms
3) Ensure the building supports a sustainable future for the organization