Renovations
Problems with the mechanical, plumbing, and electrical systems of the almost 40 year old buildings have prompted the need for major renovations. In response, the U.S. Department of Housing and Urban Development, which views the complex as an example of effective multi-family public housing, is loaning almost $50 million for upgrades to infrastructure. Part of a $132 million financial package put together by the federal and municipal governments as well over a dozen public and private funders, the initiative will also feature renovations to Riverside's fading multi-colored exterior panels. In addition, the Plaza's current proprietor, Sherman Associates, is contributing $3 million to the makeover.
Read more about this topic: Riverside Plaza (Minneapolis)