RIVERTON'S HISTORY
The Chateau started as a dining co-op in Dinkytown in 1939, serving students of the University of Minnesota. In the early 1960’s, the co-op bought land on the corner of 13th Avenue SE and 5th Street SE, where the co-op built a new two story dining co-op. In the 1970’s the board decided to replace the dining co-op with a housing co-op that would serve students, staff, and non-tenured faculty of the University.
In 1991, the board approved a restructuring of the Chateau into a leasehold co-op in, leasing the building from the organization that had created it – the nonprofit then known as the Chateau Community Housing Association. This qualified the Chateau for homestead taxes. Hennepin County approved the restructuring in 1992. These combined efforts resulted in a 10% rent reduction the first year and stabilized rents for two years following.
Three years later, the Chateau Community Housing Association embarked on its first expansion project – Marcy Park, a two building complex in the Marcy Holmes neighborhood. The building was converted to a leasehold co-op and a board of directors was formed.
In 1997, the non-profit association previously known as the Chateau Community Housing Association changed its name to Riverton Community Housing.
Five years after the purchase of Marcy Park, Riverton doubled its total membership by purchasing Marshall and Franklin Co-ops. Like Marcy Park, Marshall and Franklin both made improvements to the buildings with Riverton’s help, organized orientation sessions, and created board room space in the first year of operations.
In 2002, Riverton Community Housing purchased Cole Townhomes, a 36 unit townhouse development located in the Southeast Como neighborhood of Minneapolis, not far from campus.
Our most recent addition is 4th Street Co-op, located next to the Chateau on the corner of 4th Street and 13th Avenue. Plans to convert the property to a co-op and start a resident board are underway.
These expansions illustrates Riverton’s dedication to affordable, quality housing for a student community. Riverton is now growing in ways the original members of the Chateau board could only dream about in the 1970’s. Riverton has come a long way in its 30+ year history towards its goal of creating more affordable housing for students. Just imagine what we can do in the next 30 years!