December 19, 2016

Historic Restaurant Site Transformed into Senior Apartments

Picadilly Restaurant Sign

Enterprise would like to congratulate Washington County CDA (WCCDA) on the Grand Opening of Piccadilly Square in Mahtomedi, Minnesota! The Piccadilly Restaurant operated for 91 years prior to 2005, lending the Piccadilly Square site historic significance for the city of Mahtomedi.

The Piccadilly Square site has iconic significance for the City of Mahtomedi, with the Piccadilly Restaurant operating for 91 years prior to 2005. The newly constructed building provides 79 homes for seniors, affordable at 50% to 60% of the Area Median Income. Piccadilly Square will qualify for Minnesota’s Green Communities program, and offers tenants modern amenities including a computer lab, exercise room, and a craft room.

WCCDA provided $7.7 million of tax exempt bond construction and permanent financing. Additional permanent financing included a $1.1 million GROW/CDBG loan from WCCDA, $500k AHP loan, and a $198k HOME loan. Enterprise provided $4.5 million of equity.


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