Wells Fargo and Project for Pride in Living will break ground on a mixed-use affordable housing development in South Minneapolis. The new six-story development, known as Opportunity Crossing, will include 110 units of affordable housing, first-floor commercial space to provide small businesses with ownership opportunities, and a new Wells Fargo branch.

Wells Fargo provided $65.5 million through business and philanthropic funding to support the project. Wells Fargo’s Community Lending and Investment group provided $29.5 million in total construction financing, a $6.5 million permanent loan commitment, and a $24.5 million LIHTC equity investment for the development of the project.

Opportunity Crossing is set on a 2.6-acre site that was once a Wells Fargo bank branch, which was heavily damaged in 2020 during unrest. The development is part of plans to remake the Lake Street block and revitalize the space following the bank’s demolition in 2021.